Barbara Bako, Abuja.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has pledged to strengthen regulatory certainty and collaboration with legal practitioners to attract more investment into Nigeria’s petroleum sector, as the Federal Government warned against profiteering and fuel quantity shortchanging under the deregulated market.
Speaking on Monday at the 2026 NMDPRA General Counsel and Legal Advisers Forum in Abuja, the Chief Executive of the Authority, Rabiu Umar, said effective regulation requires continuous engagement among regulators, legal advisers and industry operators to build investor confidence and ensure the successful implementation of the Petroleum Industry Act (PIA).
Umar said while compliance remains the foundation of a well-regulated industry, the broader goal is to create a petroleum sector defined by transparency, predictability and certainty, enabling investors to commit capital and operators to make long-term business decisions with confidence.
He noted that five years after the enactment of the PIA, attention had shifted from the provisions of the law to its practical implementation, market response to reforms and the effectiveness of regulatory institutions.
According to him, the forum serves as a platform for dialogue with legal representatives of licensed operators to address implementation challenges, clarify regulatory ambiguities and develop practical solutions that will improve the competitiveness and sustainability of the industry.
Also speaking, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, charged the Authority to strengthen market oversight to ensure consumers receive the exact quantity of fuel paid for and that deregulation is not exploited for excessive profiteering.
He said the deregulation of the downstream sector had eliminated persistent fuel shortages and encouraged increased domestic refining capacity, including the operationalisation of the Dangote Refinery and other ongoing refinery projects.
Lokpobiri, however, expressed concern that petrol prices had yet to reflect the easing of global tensions following the de-escalation of the Iran-United States conflict, urging the regulator to ensure that market practices remain fair and consistent with the Petroleum Industry Act.
He also urged legal advisers to guide licensed operators on full compliance with industry regulations to safeguard their licences and promote sound corporate governance.
The minister added that sustaining investor confidence would require policy consistency, transparent regulation and efficient dispute resolution, stressing that government, operators and legal professionals all have responsibilities in strengthening the integrity and credibility of the petroleum industry.
Earlier, the Authority Secretary and Legal Adviser, Joseph Tolorunse, said Nigeria’s petroleum future would depend not only on its hydrocarbon resources but also on the credibility, predictability and integrity of its regulatory institutions.
He said regulatory certainty remained critical to attracting sustained investment, driving economic growth and delivering long-term national prosperity.
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