Stakeholders Urge New Oil Regulators to Boost Transparency, Support Local Refineries and Drive Investment

Stakeholders have laid out key expectations for Nigeria’s newly appointed heads of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), calling for transparent production figures, stronger backing for local refining, and measures to attract investment into the country’s petroleum sector.

Speaking to the News Agency of Nigeria in Lagos, industry experts highlighted the need for the new leadership to publish accurate monthly production data to enhance policy clarity and rebuild investor confidence. They also urged practical, lasting solutions to Nigeria’s crude supply challenges and greater institutional support for domestic refiners to reduce reliance on imports.

The stakeholders said the NUPRC should conclude its licensing rounds and enforce compliance to tackle leakages and strengthen fiscal discipline, while the NMDPRA must prioritise safety, environmental standards and robust market oversight to ensure fuel availability and quality nationwide.

Former regulators were praised for achievements such as the integration of petroleum agencies, but industry leaders insist the incoming bosses must build on those gains and invest in workforce skills, automation and customer service to deepen regulatory effectiveness.

Experts also stressed the importance of aligning downstream policy with energy security goals and creating a competitive environment that treats locally refined products on par with imports, arguing this would support job creation, save foreign exchange and strengthen long-term economic stability.

In the upstream sector, stakeholders called for urgent investment to raise crude output, recommending collaboration to reach production targets amid a tightening global energy transition timeline.