Full deregulation, key to downstream oil sector devt – Stakeholders

  |   Nigeria News

Reginald Stanley, former Executive Secretary of Petroleum Products Pricing Regulatory Agency, PPPRA, and Chairman, Board of Advisors, OTL, Africa Downstream, said that it is imperative to establish and empower a strong independent regulator to oversee activities in the subsector and ensure implementation of open and transparent rules for the downstream value chain.

Stanley believes that government should expedite the passage of the Petroleum Industry Bill which should cover full deregulation of the downstream sector, while the Cabotage Act, as well as the Local Content Laws need to be optimized in the implementation by the Nigerian Maritime Administration and Safety Agency, NIMASA, and other regulatory bodies in the downstream sector to ensure more participation of Nigerians.

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