BY ABUBAKAR YUSUF
Since his inception as Managing Director, Chief Executive Officer, Nigeria Midstream and Downstream Petroleum Regulatory Authority NMDPRA , Engr. Farouk Ahmed, three years down the line had kept to the mandate of the newly created agency.
This was against the backdrop of insinuation and cynicism as well as speculation that a lot of sharp practices was on going in the oil and gas sector.
From the regulatory functions to monitoring as well as administration of oil and gas industry in the country, with a view to meeting the statutory functions of the new agency .
Recently, after at the Inauguration of the first local refinery owned by Dangote group, the top echelon of the Nigeria Midstream and Downstream Petroleum Regulatory Authority NMDPRA announced to Nigerians that procurement of petroleum products will continue both locally and through importation to mitigate the teething problems been witnessed by the new local refining company, and meeting the chain of distribution to Nigerians .
Aside the distribution process of Petroleum products, he also impressed on Nigerians that sales of crude oil to Dangote group refining company will commence in local currency, the naira in October along with other decisions.
Through to his words, last week the NNPCL commenced the sales of crude oil to Dangote Refinery in local currency, paving way for foreign direct investment FDI, local participation, competition and to improve the local currency against the foreign exchange.
The stress of assessing the foreign exchange by the new Dangote Refinery capable of causing needles fuel scarcity in the country has become a thing of the past, with the availability of crude oil assessed in local currency.
What is left for the management of Nigeria Midstream and Downstream Petroleum Regulatory Authority NMDPRA under the indefatigable leadership of Engr. Farouk Ahmed that had rejigged it’s monitoring and regulatory functions, that ensured the compliance with both the new ex- depot prices, retail prices across the country, so as not to under dispense the products capable of sustaining ordinary Nigerians, following the increment.
With a strong local currency and ease of doing business both locally and internationally, the economy of the country and the gradual need to export the petroleum products will be the other of the day .
This was to counter the allegations of importation of adulterated products, connivance with fuel importers to shortchange Nigerians and seamless importation of products side by side with the local refining of Dangote Refinery, to serve consumers and reduced scarcity to the barest minimum.
The new policy will also address perennial smuggling of products particularly through the northern part of the country to neighboring countries of Africa, that had constantly affected the price regime of products in the country.
By matching words with actions, no doubt the unabated crises in the oil and gas industry under the leadership of Engr Farouk Ahmed at Nigeria Midstream and Downstream Petroleum Regulatory Authority NMDPRA will become a thing of the past .
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
