Oil & Gas Stakeholders Seek Market-driven Competition To Attract Investments

Stakeholders in Nigeria's oil and gas industry are advocating for market-driven competition to attract investments and ensure sustainable growth in the petroleum downstream sector. At a roundtable organized by Extractive360 in Abuja, experts emphasized the critical need for fair competition to create a healthy market environment.

Ademola Adigun, an oil and gas governance consultant, highlighted the lack of competition in the downstream sector despite recent advancements like the Dangote Refinery. Adigun stressed that competition must be fair to benefit all stakeholders.

Legal expert Olasubomi Chuku emphasized the importance of a competitive market, citing the Petroleum Industry Act and the Federal Competition and Consumer Protection Act. The discussion also touched on regulatory issues and the challenges posed by high operating costs and import dependency.

Despite these challenges, stakeholders expressed optimism about the sector's stability and competitiveness amid evolving market dynamics.