Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Mr. Emmanuel Kachikwu, has called for the deregulation of the oil and gas sector as it would encourage domestic private sector participation and inflow of foreign investments.
The new NNPC boss made the call at the 2015 National Association of Energy Correspondents conference, held yesterday in Lagos; he said that deregulation will give Nigerians a fair deal from the abundant petroleum resources, through fair product prices for consumers, full cost recovery, and reasonable margins for operators.
Kachikwu who was represented by Acting Managing Director of Nigeria Engineering and Technical Company NETCO, Bolanle Ashafa, said, “Implementation of the policy will entrench efficiency in product usage, product availability and effective competition among investors, hence ending products shortage.
“However, critical enablers such as security of supply and distribution infrastructure must be assured to guarantee the availability of the petroleum products at affordable prices.”
He said NNPC is working towards boosting domestic petroleum products supply through reforming the existing refineries as they have been re-streamed, but were yet to attain optimal capacity in production.
He said that NNPC would continue to maintain stability in the supply and distribution of petroleum products nationwide adding that the oil and gas industry would be transformed for greater efficiency and sustainable growth, through market reforms, diversification of the revenue base and monetisation of the natural gas resources.
He said the corporation would focus on the need to address infrastructure constraints, to ensure sustainability of gas and petroleum products supply and distribution nationwide as well tackle infrastructure gaps and promoting inclusive growth, as well as capacity building.


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