MEMAN acknowledges short-term disruptions in the petroleum sector but remains optimistic that full deregulation will attract investment, enhance efficiency, and boost competition. The association reaffirms that the Petroleum Industry Act (PIA) is on track despite sector debates.At a media event in Lagos, MEMAN CEO Clement Isong emphasized that transitioning from a state-controlled to a competitive market is key to efficiency and growth.
He also supported in-country refining with import substitution for system efficiency.MEMAN CEO Clement Isong emphasized that market discussions are natural in the transition to a deregulated energy sector, requiring patience, adaptation, and trust. He noted that resistance to price control removal is expected but necessary for sustainability.At the event, refining expert Mark Williams explained crude oil refining processes, while James Gooder of Argus Media discussed gasoline pricing and global trade flows.
The 2021 Petroleum Industry Act (PIA) aims to attract investment, improve regulation, and phase out fuel subsidies, though it faces resistance due to price fluctuations.MEMAN acknowledged short-term disruptions but emphasized that full deregulation will attract investment, boost efficiency, and enhance competition.The association backed regulators like NMDPRA and FCCPC, urging focus on market stability and consumer protection. CEO Clement Isong stressed the need for fair regulation to build public trust and prevent anti-competitive practices.
MEMAN called for government-private sector collaboration and public awareness to ensure the PIA’s success.MEMAN is optimistic that the PIA will boost investment, infrastructure, and competition. Isong stressed the need for strong regulation and industry cooperation.
