AFC becomes first African, largest international issuer in Swiss Market

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has advocated for a functioning West African fuel market in light of supply chains being fundamentally altered by the Dangote Refinery. During the West Africa Refined Fuel Market Conference in Abuja, NMDPRA Chief Executive Rabiu Umar emphasized the potential for the region to become a credible petroleum pricing and trading center.

He stressed that the focus should be on building infrastructure, raising capital, improving operations, sharing data, and enhancing collaboration to realize this potential. Umar urged for regulatory cooperation and execution among stakeholders, as well as the deployment of technology to enhance inventory management, product tracking, demand forecasting, scheduling, and operational visibility.

Nigerian Upstream Petroleum Regulatory Commission CEO Oritsemeyiwa Eyesan highlighted the rapid changes in the upstream and downstream sectors, noting Nigeria's increased refining capacity and export efforts. The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, highlighted Nigeria's commitment to energy sovereignty and the conference's significance for Africa's energy sector.

The NMDPRA is currently seeking comments on proposed regulations to create a credible African reference price benchmark, aiming to prohibit collusive behavior among petroleum companies and enhance competition.