The House of Representatives Committee on Petroleum Resources (Downstream) has initiated a dialogue to bridge gaps between domestic refiners and petroleum importers, aiming to bolster Nigeria’s energy sector. During a recent meeting with groups like DAPPMAN, IPMAN, and MEMAN, committee chairman Rep. Ikenga Imo Ugochinyere emphasized a collaborative approach to policymaking.
Ugochinyere stated that the legislature seeks partnership over confrontation to ensure fuel remains affordable and accessible for all citizens. He noted that the committee will rely on input from industry operators to guide upcoming reforms, particularly as Nigeria shifts toward increased domestic refining capacity.
Representatives from the industry provided specific recommendations. DAPPMAN urged the regulator to implement clear stock guidelines as outlined in the Petroleum Industry Act and suggested a joint monitoring framework to ensure market transparency. They also stressed the need for better transport infrastructure to move away from heavy reliance on trucking.
IPMAN highlighted the sector’s vital role in the national economy but pointed to hurdles like high financing costs, infrastructure damage, and volatile exchange rates. Meanwhile, MEMAN’s Clement Isong pointed out that while domestic refining capacity is growing, the government should keep fuel import options open as a safety net during potential supply disruptions. He advocated for a 60-day strategic petroleum reserve to protect against global market instability. Ultimately, all participants agreed that consistent policies and improved cooperation are essential for a stable energy future.
