The Centre for the Promotion of Private Enterprise (CPPE) has urged Nigeria’s newly appointed petroleum regulators to focus on domestic refining, production growth and reduced import dependence to drive sustainable economic development.
CPPE Founder, Dr Muda Yusuf, made the call in a statement issued in Lagos, commending President Bola Tinubu for restructuring the petroleum regulatory framework through the appointment of new chief executives at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Yusuf said the appointments present a strategic opportunity to realign regulation with national objectives on energy security, self-reliance and industrial growth.
He stressed that domestic refining must become an immediate priority, urging policies that favour locally refined petroleum products through fiscal, regulatory and infrastructure support.
According to him, existing distortions that allow imported products to compete unfairly with local refiners undermine industrialisation efforts.
“Genuine competition exists only when operators function under the same policy, tax and regulatory environment,” Yusuf said.
He urged NMDPRA to embed domestic refining within its regulatory framework, noting that such an approach would protect Nigeria’s long-term economic interests while supporting the Nigeria-First policy.
On the upstream sector, Yusuf called for urgent efforts to ramp up crude oil and gas production to attract new investments.
He said Nigeria must maximise its hydrocarbon resources amid the accelerating global energy transition.
Yusuf added that NUPRC should prioritise production security and growth, with a target of raising crude oil output to at least two million barrels per day.
