The Nigerian Midstream and Downstream Petroleum Regulatory Authority says Nigeria is positioned to become a net exporter of urea and fertiliser by 2028.
The NMDPRA’s chief executive, Saidu Mohammed, disclosed this on Thursday during an operational tour of Indorama Eleme Petrochemicals Limited facilities in Eleme, Rivers.
Mr Mohammed said ongoing investments and expansions of critical assets would enable Nigeria to join the league of urea-exporting nations and emerge as a fertiliser production hub.
According to him, the country is on the right path towards transforming its petroleum and manufacturing sectors to support sustainable economic growth.
“Value-added products such as fertilisers and urea plants are what this nation needs,” he said.
Mr Mohammed stated that Nigeria had no justification for importing fertiliser and urea, considering its abundant natural resource endowment.
“We are optimistic that ongoing expansions at Indorama and Dangote Fertiliser plants, among others, will enable Nigeria to join the league of urea-exporting countries within the next 24 months,” he said.
The NMDPRA chief said Nigeria was targeting to become a major hub for value-added petroleum products, noting that the midstream sector remained crucial but required significant investment.
He added that the country needed between $30 billion and $50 billion in additional investments to further strengthen the midstream oil and gas sector.
Mr Mohammed said Nigeria should look beyond energy supply and aim to become a hub for oil and gas derivatives, citing the vast opportunities across the midstream and downstream segments.
“Fertiliser plants and other value additions to our hydrocarbon resources are essential for national growth,” he said.
He explained that the three-day operational tour of selected midstream and downstream facilities in Rivers was designed to engage industry players across the oil and gas value chain.
“NMDPRA is ready to provide the necessary support and create an enabling environment to encourage further investments,” Mr Mohammed assured.
He said the authority’s delegation would also visit gas processing plants, manufacturing facilities and refineries to gain a comprehensive overview of industry operations.
(NAN)