Nigeria's Downstream Oil Sector Poised For Growth , says minister

 



From Kenechukwu Obiajuru, Yenagoa.



Nigeria's downstream oil sector has been hailed as a critical driver of economic transformation, with Senator Heineken Lokpobiri emphasizing its importance during the #NIES2025 Panel Discussion on Shaping Africa's Downstream Future.


 As the sector that directly impacts the lives of Nigerians, Lokpobiri stressed the need for its structuring to ensure benefits from upstream and midstream transformations are felt at the grassroots.


According to him, Nigeria has achieved full deregulation of its downstream sector, a move expected to foster transparency, competitiveness, and increased private sector participation. 


He noted that this development presents vast opportunities for investors to tap into the country's oil industry, as highlighted by Lokpobiri.


The #NIES2025 Exhibition Tour showcased innovative products from indigenous firms, aligning with Nigeria's vision of a thriving value chain spanning upstream, midstream, and downstream activities. 


While progress has been made, there remains room for deeper development, enhanced local capacity, and industry-wide growth, as the deregulation of Nigeria's downstream sector is a significant step towards economic transformation, as it allows for greater private sector participation and competition, ultimately benefiting consumers.


Lokpobiri added that as the country continues to navigate its energy landscape, the development of its downstream oil sector is critical to driving growth and sustainability.

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