By Adedapo Adesanya

The chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Saidu Aliyu Mohammed, has declared that Nigeria would become a urea-exporting nations within the next 24 months.

Mr Mohammed made the assertion during an operational visit to key midstream and downstream facilities in Port Harcourt, including the Indorama Eleme Petrochemicals Complex, as part of an executive regulatory activity mandated by the Petroleum Industry Act (PIA), 2021.

According to him, the expansion of facilities at Indorama and other major investments, such as the Dangote Fertiliser Plant, signal a turning point for Nigeria’s oil and gas value chain.

“We have no business importing any of those things,” the NMDPRA chief said. “With the expansion of what is going on today at Indorama and many other places, including Dangote Fertilisers, I am sure that in the next 24 months Nigeria will join the league of urea-exporting countries, and that is where we should be.”

He described the midstream segment of the oil and gas industry as a critical but capital-intensive area that requires between $30 billion and $50 billion in investments to position Nigeria as a regional hub, not only for oil and gas, but also for secondary derivatives and value-added products. These, he said, include fertilisers, urea, and other products derived from hydrocarbon resources.

“What we have seen in Indorama is really a manifestation of what Nigeria needs to have. We need a lot of these in the midstream—fertiliser plants and every value-addition opportunity from our hydrocarbon sources. That is what the nation needs to propel growth.”

He acknowledged that while such ambitions had existed for years, progress had been slow due to various challenges; however, he noted that effective partnerships with the private sector were now yielding tangible results.

“Today, we have found the right footsteps in partnership with the private sector. Indorama has really shown us that growth is growth, and we can continue to grow in that same direction,” he said.

The NMDPRA boss explained that the visit to facilities in Rivers State was aimed at assessing the operational status and availability of critical midstream and downstream infrastructure, reviewing alignment between the regulator and its licensees, and engaging investors to ensure optimal regulatory support. Other objectives include improving regulatory operational excellence, promoting health and safety standards, and presenting the Nigerian public with an accurate assessment of sector operations.

He noted that Rivers State remains a strategic hub for the industry, with diverse facilities spanning gas processing, manufacturing, and refining. “There is no sample that we cannot take here,” he said.

“If we want to see gas processing, manufacturing, or refining, we can. We selected just a few facilities to have an overview of what is going on, but we cannot do that in only three days. I will be coming back because there are many industries within Rivers State that we still need to cover,” he added.

Mr Mohammed stressed that the role of the Authority is to facilitate investments by creating an enabling environment that allows operators to expand while attracting new investors.

He added that the executive regulatory exercise, which has commenced in the South-South region, will be replicated across the country under his leadership.

The CEO of Indorama, Mr Munish Jindal, described the visit by the NMDPRA leadership as timely and highly significant. He said regulatory visits help authorities gain a firsthand understanding of operations and the progress made on the ground.

“These visits are always very important,” Jindal said. “It is important for the regulator to come and see with their own eyes what is happening and understand the changes that have been brought. We are highly appreciative that since assuming office, Engr. Saidu Aliyu Mohammed has visited with his full team to see and visualise what has been delivered here in the last 20 years.”

Mr Jindal recalled that the NMDPRA chief had been involved in the sector since the early days of the Eleme Petrochemicals Company Limited (EPCL), when plans for Phase 2 and Phase 3 expansions were conceived. “Those dreams have been delivered today by Indorama,” he noted.

He also commended regulatory authorities for their improved understanding of the midstream industry over the years, describing it as critical to the sector’s growth. While expressing support for the new regulatory leadership, Jindal disclosed that Indorama had raised concerns over certain regulatory requirements which, in the company’s view, are no longer relevant to manufacturing-focused midstream operators.

“We have made a keen request to the Authority to kindly look into some issues that may not be relevant to the manufacturing industry and consider granting exemptions where necessary,” he said.

The NMDPRA said it remains committed to ensuring that the objectives of the Federal Government and the Nigerian people are fully reflected in the business outlooks of key industry stakeholders, as the country pursues its ambition of becoming both an energy hub and a centre for oil and gas derivatives in Africa.

By Adedapo Adesanya

The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, voted to hold interest rate at 27 per cent at the last meeting of the Monetary Policy Committee (MPC) meeting.

The committee members were split on whether to cut interest rates or keep them unchanged when they met in November, but the central bank chief broke the ice with a hold vote.

Minutes of the MPC meeting held on November 25 revealed a split vote across the 11 members, with five members supporting a hold at 27 per cent and five members favouring a rate cut. One member abstained.

Mr Cardoso, as the 12th man and chairman of the committee, said holding rates was a deliberate signal to reinforce macroeconomic stability and acknowledge that the current monetary policy stance was beginning to deliver the intended outcomes.

It had been widely expected that the MPC would cut the rate after headline inflation declined for the seventh consecutive month to 16.05 per cent in October 2025, down from 18.02 per cent in September, at the time.

“In my view, holding is a clear signal of reinforcing stability and acknowledgement that the current policy stance is having the desired effect,” Mr Cardoso said.

The committee also retained the cash reserve ratio (CRR) for deposit money banks at 45 per cent, merchant banks at 16 per cent and 75 per cent for non-Treasury Single Account (TSA) public sector deposits, while the liquidity ratio was kept at 30 per cent.

Mr Cardoso noted that the improved anchoring of overnight market rates within the standing facilities corridor demonstrated stronger transmission of monetary policy to the wholesale market, describing this development as a positive outcome.

According to him, the effective transmission of policy provided room for further technical adjustments to the corridor in response to evolving liquidity conditions and sustained price action in the benchmark government securities market.

He added that the proposed asymmetric adjustment of the monetary policy corridor widening the floor while keeping the ceiling tight was designed to absorb persistent excess liquidity without undermining the Central Bank’s control over short-term interest rates.

By Adedapo Adesanya

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has challenged the federal government and the Nigerian National Petroleum Company (NNPC) Limited to set out a clear, realistic and workable timeline for the long-delayed revival of Nigeria’s state-owned refineries, warning that billions of dollars in public funds have yielded no tangible results.

Nigeria’s three refineries in Port Harcourt, Warri and Kaduna have a combined installed capacity of 445,000 barrels per day, yet remain largely non-operational years after repeated rehabilitation efforts.

PETROAN claimed that over $4 billion has been spent on turnaround maintenance and rehabilitation over time, including the most recent contracts, without restoring sustained production.

“Despite this huge expenditure of taxpayers’ money, Nigerians are yet to see tangible results,” PETROAN said, raising concerns over efficiency, accountability and project delivery in the refinery rehabilitation programme.

The association said Nigerians and industry stakeholders are now asking a critical question: when will the refineries resume production, and what has become of the billions of dollars committed to their rehabilitation?

While acknowledging NNPCL’s disclosure that it is conducting project appraisals and sourcing strategic partners, PETROAN insisted that such efforts must be backed by definite timelines and measurable milestones.

“Every serious project must be guided by a clear timeline with deliverables. Nigerians deserve to know exactly when these refineries will return to operation,” the association stated.

According to PETROAN National President, Mr Billy Gillis-Harry, warned that delays could worsen as the country approaches another election cycle.

“Nigeria is fast approaching another election season, and we know that governance and project execution often slow down during such periods,” Mr Gillis-Harry said. “That is why decisive action must be taken early in the year to avoid another round of delays.”

He stressed that reviving domestic refining capacity is critical to easing the burden on the economy and consumers.

“The operationalisation of Nigeria’s refineries will significantly reduce the cost of petroleum products,” Gillis-Harry said. “Local refining will drastically cut importation, conserve foreign exchange, strengthen the naira and create thousands of direct and indirect jobs across the petroleum value chain.”

PETROAN reaffirmed its willingness to support the Federal Government and NNPCL in reviving the refineries, noting that credible foreign technical and financial partners are ready to collaborate.

“We are prepared to work with all stakeholders to achieve this national objective, but it must be driven by transparency, accountability and a clear roadmap,” the association added.