OTLAfrica 2024: NMDPRA Says African Energy Bank Nears Completion

 

 

As part of efforts to enhance the production and transportation of gas across the Africa, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed plans to champion the development and adoption of a uniform gas transportation code within West and North Africa.

The Chief Executive Officer, NMDPRA, Mr. Farouk Ahmed, revealed this while giving the keynote address at the opening ceremony of the ongoing 18th edition of the Oil Trading Logistics (OTL) Africa Downstream Energy Week, on Monday.

Ahmed remarked that considering the progression of the West African Gas Pipeline (WAGP) to Morocco, there would be more effective movement of natural gas within the region.

He also noted that the NMDPRA is exploring mechanisms of facilitating the establishment of an association for Energy Regulators within West Africa which may eventually integrate with the existing East African and South African regional regulators association, into a pan-African Energy Regulators association for streamlined regulations and policy formulations.

“The NMDPRA plans to champion the development and adoption of a uniform gas transportation code within West and North Africa.

“Plans are already being finalized to establish the Africa Energy Bank, which shall provide the funds necessary to Fastrack the growth of energy supply infrastructure for the continent.

“The Africa Energy Bank is a major collaborative success that will assist the continent in its journey towards sustainable and just energy transition,” the NMDPRA boss said.

Earlier, the Executive Governor of Lagos State, Governor Babajide Sanwo-Olu, stressed that energy transition isn’t simply replacing one energy source with another; but developing an ecosystem that encompasses all elements including – exploration, production, storage and retailing.

Sanwo-Olu, who was represented by the Commissioner for Energy, Lagos State, Mr. Biodun Ogunleye observed that government has a significant role to play in streamlining downstream energy operations, adding that Lagos State is committed to create environments to increase the value-chain and remain a leader in energy reforms and sustainability.

“We need private sector operators and innovative young entrepreneurs to drive energy transformations in Lagos State. Our government is taking bold steps towards cleaner fuel options and we are paving the way for development but the vision cannot be achieved without stakeholders partnership,” he siad.

Meanwhile, the Special Adviser to President Bola Tinubu on Energy, Mrs. Olu Verheijen, represented by Mrs. Eriye Onagoruwa, remarked that President Bola Ahmed Tinubu’s administration has created a more transformed environment for efficiency and transparency with incentives to promote LNG and CNG equipment, as well as electrical vehicles.

“The Federal Government has invested over $75 million in launching CNG systems to encourage cleaner energy usage. We are determined to provide a cleaner cooking option which comes with affordability,” she said.

During the panel session, chaired by the Chairman, Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Dame Winifred Akpani, featuring the CEO, National Petroleum Authority, Ghana, Dr. Mustapha Abdul-Hamid and the Chairman, Major Energy Marketers Association of Nigeria (MEMAN), Mr. Huub Stokman; the need for a common African currency was highlighted to end the dependence on dollars for petroleum products.

Other submissions at the event were; quick adoption of harmonized regional fuel-specification regime, strategic industry partnerships among African nations to complement each other’s energy needs; and pipeline infrastructure development with safety concerns and vandalism issues addressed for optimal downstream energy operations.

 

 

Caption:
L-R: The Chief Executive Officer, National Petroleum Authority, Ghana, Dr. Mustapha Abdul-Hamid; Chairman, Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Dame Winifred Akpani; Chief Executive Officer, Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed; Chief Executive Officer, OTL Downstream Development in Africa, Mrs. Joyce Akabogu; the Chairman, Major Energy Marketers Association of Nigeria (MEMAN), Mr. Huub Stokman; and the Chairman, OTL Africa Downstream Energy Week, Mr. Tunji Oyebanji; after the opening session of the 18th OTL Africa Downstream Energy Week, on Monday.