The Federal Government has stated that Nigerians are beginning to enjoy the reforms initiated by the current administration, especially, the full deregulation of the Petroleum downstream sector.
Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated this on Wednesday at the 2025 Nigeria International Energy Summit (NIES) currently holding in Abuja.
He remarked that although the decision to remove the subsidy on petroleum products was harsh, it was taken in the best interest of all Nigerians.
“One of the reasons why this government decided to take a bold step of completely deregulating the Downstream Petroleum Sector of the economy is so that Nigerians can get the best of the industry.
“We realized that the payment of subsidy was not sustainable. There is no point we continue to do the same thing the same way and expect different results.
“The President from the first day of taking the oath of office said subsidy was gone. And today, we are getting the benefits of the full deregulation,” he said.
Senator Lokpobiri identified funding as the major challenge facing the sector, but assured that it would be addressed by the soon be launched Africa Energy Bank (AEB).
“I want to assure you that as the head of delegation to the African Petroleum Producers’ Organisation (APPO), from Nigeria, I am one of the people who worked tirelessly to ensure that the bank is hosted in Nigeria, and I can assure you that no sector will be discriminated against. Upstream, Midstream and Downstream, no sector will be discriminated against,” he added.
The Minister expressed concern over the frequent tanker explosion in the country, stating that most of the tankers conveying refined products in Nigeria are not roadworthy, and the drivers are illiterates, unable to identify road signs.
“One of most disturbing issues in the downstream sector now is petroleum tanker explosion. Most of the tankers conveying refined products are not roadworthy. The drivers are the most illiterates who cannot identify road signs, and trucks sometimes overloaded.
“I can’t imagine how the Nigerian National Petroleum Company (NNPC) Limited will take a truck of 60,000 litres. I think going forward, we should be able to adhere to strict traffic rules and regulations so that the truck that is meant to carry 33,000 litres, carry 33,000 litres,” he said.
He called on truck owners to install trackers on their trucks to monitor and control their drivers, as some of them drink “Kaikai”, local gin when driving.
The Minister also counselled Nigerians on the danger of going to any accidented tanker to scoop fuel as it is only a ‘death sentence’.
Speaking on the Upstream side, the Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, disclosed that the Ministry was collaborating with security operatives to ensure adequate security and safe environment for oil exploration and production in the country.
“You are the producers who produce the energy that serve the transportation system, industries and power sector, among others. We are working with the security operatives to ensure safe environment for your operation.
“With good relationship with the host communities, we are hopeful that the communities will be stabilised because most of the amenities needed have been provided, and there will be peace,’’ he said.
