The Ministry of Petroleum Resources (MPR), alongside three agencies under its supervision—the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian National Petroleum Company Limited (NNPCL), recently participated in the ongoing International Monetary Fund (IMF) Article IV Consultation in Nigeria.
The IMF team was in the country at the invitation of the Federal Government to engage selected government institutions and gather insights on developments across various sectors of the economy.
Speaking during the meeting held in Abuja, the Chairman of the session and Permanent Secretary of the Ministry of Petroleum Resources, Ambassador Nicholas Agbo Ella, expressed appreciation to the IMF team for their continued efforts and commitment to the growth and development of the Nigerian economy, particularly the oil and gas sector.
Ambassador Ella encouraged representatives of NUPRC, NMDPRA, and NNPCL to engage fully in the consultation, stressing the importance of collaboration and innovation in achieving tangible economic outcomes.
During the meeting, the three agencies delivered comprehensive presentations, offering valuable insights into Nigeria’s crude oil production trends and projections. It was highlighted that despite prevailing challenges, the country achieved an average of 88% of its projected crude oil volume, attributed to reduced losses and increased output. Efforts are also underway to revive underperforming assets and improve output from flow stations to terminals.
Regarding gas production, the presentations underscored existing infrastructure developments and ongoing investments aimed at achieving production and distribution targets.
A significant part of the consultation examined the fuel subsidy removal by President Bola Ahmed Tinubu and the strategies being employed to ensure its long-term sustainability. Discussions reflected a shared commitment to market-driven reforms and enhanced fiscal responsibility within the petroleum sector.
Participants at the meeting agreed that strong inter-agency collaboration, along with support from development partners and financial institutions, is essential to stabilize global oil markets and strengthen Nigeria’s energy security.
The meeting was attended by Directors, Heads of Units, and staff from the Ministry of Petroleum Resources, representatives from the Federal Ministry of Finance, and IMF consultants.
“This successful engagement reaffirmed Nigeria’s strategic commitment to transparency, sustainable growth, and international cooperation in the petroleum industry,” Chris Ugwuegbulam, Head, Press and Public Relations Unit, Ministry of Petroleum Resources, said in a press statement on Friday.