The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has warned that delays in delivering oil and gas projects could erode investment value and weaken Nigeria’s competitiveness in the global energy market.
The Chief Executive of NMDPRA, Rabiu Umar, gave the warning on Thursday in Abuja at the fifth edition of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit.
Represented by the Executive Director, Corporate Services, Bashir Sadiq, Umar said Nigeria must accelerate the implementation of reforms and ensure faster project delivery to build a safe, competitive and attractive energy industry capable of creating jobs, attracting investments and generating greater economic value.
He said investors could manage risks when policies and regulations were clear and consistently implemented, but uncertainty made investment decisions more difficult.
The NMDPRA boss identified policy consistency, faster project delivery, gas development, security, local content, workforce development, host community engagement and execution discipline as critical priorities for the industry.
He warned that delays could significantly reduce the value of energy projects, noting that a project delayed by one year was not merely postponed but could become harder to justify and less competitive for investment.
“We need clear rules, standards, stable interpretation and participation of all the major stakeholders. A project delayed by one year is not simply postponed. It loses value, becomes harder to justify and competes less effectively in the global portfolio,” Umar said.
He also called for increased investment in gas infrastructure, describing gas as a critical driver of economic growth with the potential to support industries, power generation and wider economic development.