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FG approves single regulator for oil, gas
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FG approves single regulator for oil, gas

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Nigeria is coming up with a National Gas Policy that will create a single petroleum regulatory agency for the oil and gas sector.

The Ministry of Petroleum Resources says that the policy has been approved by the Federal Executive Council.

Currently, there are multiple regulatory institutions overseeing the oil and gas industry in the country.

They include the Ministry of Petroleum Resources, Department of Petroleum Resources, Nigeria Content Development and Monitoring Board, Petroleum Products Pricing Regulatory Agency and the Petroleum Equalization Fund.

The National Gas Policy will collapse the five agencies into one regulatory authority for effective regulatory supervision of the sector.

The prices of oil and gas products will be centrally controlled by the new agency.

Comment(1)

  1. It is a good idea to have yam produced in Nigeria exported to China or elsewhere in the world. The outcome will confirm Nigeria’s lack of initiative in utilising what Nigeria has been endowed. Mark these words; in a few years from now, Nigeria exported yam will come back to Nigeria and Africa in some wonderful products!
    It is bitter food for thought that Nigerian institutions of Agriculture are poor ‘black elephants’! A few years ago Malaysia collected palm seedlings from Nigeria; currently, Nigeria imports palm oil products from Malaysia! Hon. Minister when will Nigeria ever grow?

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