The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said the economic reforms introduced by President Bola Tinubu’s administration in the oil and gas industry has saved the country over N6 trillion. He listed the key factors responsible for the gains so far to include the full deregulation of the downstream sector, harmonisation of the forex market and incentivising gas use and the trading of crude and products in naira. The NMDPRA boss attributed infrastructural deficit, weak market structures, inadequate investment, sub-optimal supply, poor regulatory chain efficiency, compliance and unacceptable operational safety and environmental indices as some of the factors that affected the downstream value chain. Engineer Mohammed said, “The bold economic reforms of His Excellency, President Bola Ahmed Tinubu, have created the renaissance that the downstream sector is enjoying and would continue to leverage upon for sustained sectoral growth in the future. The pricing structure of the downstream sector is becoming more driven by the fundamentals of the market and generally attaining the stability level required for encouraging investment in this expansive sector of the economy.

Source: Nigerian Tribune February 05, 2026 16:44 UTC