Experts in the oil and gas sector are cautioning against Nigeria’s premature cessation of refined petroleum products importation, urging the Nigerian Midstream and Downstream Petroleum Regulatory Authority to resist pressure to do so.
In response to claims by NMDPRA Chief Executive Farouk Ahmed that the Dangote refinery requested the halt of import licenses issuance, Ahmed maintained he refused to prevent monopolies and ensure energy security.
Despite public backlash over his comments, energy consultant Henry Adigun supported Ahmed’s stance, asserting that Nigeria should wait to end fuel importation until three to four refineries are operational.
Adigun emphasized the need for energy security beyond one entity, expressing concern for other midstream investors and depot owners protected under the Petroleum Industry Act. He also dispelled notions of Dangote refinery drastically affecting pump prices.
With the importance of petroleum in the global economy highlighted by industry expert Dr Taiwo Ogunleye, calls to end importation continue, with the caveat of adequate local refinery support.
Overall, balance between domestic production and international trade remains crucial for Nigeria’s energy sector stability.
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