Some policy guy says Nigeria needs to pump way more oil, and fast. Dr. Muda Yusuf, the head of the Centre for the Promotion of Private Enterprise, laid out a plan following new appointments to the country's petroleum agencies. He stated the goal of two million barrels per day requires a focus on production growth, better security, and attracting investment. Yusuf called for urgent action to boost crude and gas output before global energy shifts reduce demand. He also pushed for strict compliance with crude supply rules for local refineries.
Yusuf commended President Bola Tinubu's recent reset of the regulatory leadership. He argued this is a chance to refocus on energy security and self-reliance. He told the new bosses at the upstream and downstream agencies to prioritize reducing import dependency. His main demand is strong, deliberate policy support for domestic refining. He said government rules must clearly favor locally made petroleum products over imports to create fair competition. He called this non-negotiable for Nigeria's economic interests.
The CPPE CEO framed domestic refining as key to job creation and saving foreign exchange. He said a strong refining base is fundamental for macroeconomic stability. It also supports broader industrial development in petrochemicals and fertilizers. Yusuf views this as a critical pathway for resource-based industrialization and building a resilient economy. He wants the downstream regulator to place local refining at the center of its policy framework immediately.
Yusuf commended President Bola Tinubu's recent reset of the regulatory leadership. He argued this is a chance to refocus on energy security and self-reliance. He told the new bosses at the upstream and downstream agencies to prioritize reducing import dependency. His main demand is strong, deliberate policy support for domestic refining. He said government rules must clearly favor locally made petroleum products over imports to create fair competition. He called this non-negotiable for Nigeria's economic interests.
The CPPE CEO framed domestic refining as key to job creation and saving foreign exchange. He said a strong refining base is fundamental for macroeconomic stability. It also supports broader industrial development in petrochemicals and fertilizers. Yusuf views this as a critical pathway for resource-based industrialization and building a resilient economy. He wants the downstream regulator to place local refining at the center of its policy framework immediately.
