The Nigeria oil industry is without doubt the mainstay of its economy and has also acted as a stabilizing factor for national security, peace and development. In view of this indisputable fact, successive governments always placed premium on the industry with a view to making it, a global player in line with global best practices in order to attract local and international investors into the industry with a view to achieving its maximum potentials for our collective good and national security.
The Petroleum Industry Act came into existence as a game changer to address critical needs and interests in the oil sector and to attract competitive local and international investors and players in line with global best practices. As the long awaited game changer, the PIA made provisions for the establishment of two regulators in the industry. They are: The Nigerian Upstream Petroleum Regulatory Commission and The Nigeria Midstream and Downstream Petroleum Regulatory Commission .
The allegations by Dangote Refinery management have evoked debates and discussions across Nigeria and beyond because of its strategic position in changing the landscape of the Nigerian economy from an importer of finished petroleum product to a producer and exporter.
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