Rabiu Umar: Regulation must keep pace with a changing energy sector

Nigeria’s vigor assemblage is changing rapidly, and our regulatory attack indispensable germinate conscionable arsenic fast.

A fewer weeks aft this year’s Nigeria Oil & Gas (NOG) Energy Week, this world remains beforehand of mind. Many of the discussions astatine the league reinforced what we are already seeing crossed the industry. Expectations of the regulator are changing alongside the marketplace itself. Operators privation greater clarity. Investors privation predictability. Consumers expect a marketplace that is safe, competitory and good regulated.

During my remarks astatine the conference, I highlighted 3 priorities that are cardinal to our enactment astatine the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA): implementing the Petroleum Industry Act (PIA), strengthening transparency and accelerating the digitalization of our regulatory processes. While these are chiseled areas of work, they are each directed towards 1 objective, which is to physique a regulator that is much efficient, much accountable and much responsive to the manufacture we serve.

Having spent astir 3 decades connected the commercialized and operational broadside of the downstream petroleum assemblage earlier assuming this role, I recognize the realities businesses face. I cognize that our work goes beyond issuing licences oregon enforcing compliance. Good regularisation creates confidence. It assures investors that decisions volition beryllium fair, pro...