Revealed! FG awards JEX Market for gas trading, clearing, settlement

• The NMDPRA and the Securities and Exchange Commission licensed JEX Market to run Nigeria’s archetypal Gas Clearing House and Settlement Authorisation Platform
• This level aims to heighten transparent, businesslike trading of earthy state and its derivatives, positioning Nigeria arsenic a determination vigor hub successful Africa.
• The inaugural aligns with the Petroleum Industry Act 2021 and the government’s Decade of Gas programme, supporting industrialisation, investment, and economical growth

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Securities and Exchange Commission (SEC) person granted licenses to JEX Market to found and tally a Gas Clearing House and Settlement Authorisation Platform.

FG granted licenses to JEX Market to found and tally a Gas Clearing House and Settlement Authorisation Platform. Photo Credit: FG
Source: Getty Images

This is 1 of the astir strategical partnerships betwixt authorities agencies and would relation arsenic a commodity speech level for the trading of earthy state and its derivatives successful Nigeria.

“The issuance of the licences is 1 of the game-changing outcomes of the PIA 2021 and the merchandise of the strategical enactment acumen of His Excellency, President Bola Ahmed Tinubu (GCFR),” the NMDPRA said successful a connection connected Tuesday.“Indeed, it is besides a grounds to the committedness and capableness of the JEX Market arsenic a competent vigor commodity trader and an speech operator.”

According to the agency, the NMDPRA and SEC approved JEX Market arsenic a licensed commodity speech aft a thorough and stringent owed process that resulted successful the issuance of the Gas Trading Licence and Gas Clearing House and Settlement Authorisation license.

According to the NMDPRA, the level is anticipated to beryllium unrecorded shortly, making it the archetypal of its benignant connected the African continent and reaffirming Nigeria's morganatic presumption arsenic the determination centre for energy transactions.

“The level would let for much efficient, transparent and swift trading of earthy state commodities successful Nigeria and the African Region, thereby accelerating the maturation of Nigerian Energy sector towards a mature market,” the bureau said.“As the marketplace matures, it encourages much concern into the sector, creates much employment opportunities and wealthiness creation, increases authorities gross and allows easier auditing of transactions by applicable agencies and parties.

SEC was commended by the NMDPRA for moving with it to execute this milestone.

According to the downstream regulator, the platform's instauration is simply a measurement person to the Nigerian vigor landscape's revival, which is being supported by section business owners who are progressively taking risks successful an ambiance that is supportive of their endeavours.

JEX Market is anticipated to beryllium unrecorded shortly. Photo Credit: FG
Source: UGC

“It is expected that this accomplishment would supply further impetus to different strategical undertakings by players successful the vigor assemblage to wean Nigeria from vigor poverty, consolidate the state arsenic the vigor hub of the continent, spur industrialisation and deepen the anticipation for a sustainable and competitory aboriginal for the country,” the NMDPRA added.

The Petroleum Industry Act 2021, which establishes the legal, governance, regulatory, and fiscal model for the Nigerian petroleum manufacture arsenic good arsenic the improvement of big communities, led to the instauration of the NMDPRA successful August 2021.

FG to merchandise N400 cardinal to Nigerians to commencement state concern

Legit.ng reported that the Nigerian authorities has announced plans to supply another N400 cardinal state infrastructure money to beneficiaries of the inaugural successful 2 weeks.

The curate of authorities for petroleum resources (gas), Ekperikpe Ekpo, disclosed this during the groundbreaking lawsuit of the 10MMSCF CNG Mother Station works astatine Esit Eket section authorities country of Akwa Ibom authorities connected Thursday, March 20, 2025.

The N400 cardinal money comes aft the authorities released the N122 cardinal state infrastructure money successful 2024.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng