Nigeria is racing against time in its effort to derive maximum value from its hydrocarbon resources and secure the country’s energy future, the Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, has said.

Speaking at the Nigeria International Energy Summit (NIES), in Abuja, Ahmed noted that Nigeria as a country, needs to vigorously contemplate its energy strategies, which is a key tool for economic liberation and national development taking into advisement the shift in demand and clamour for cleaner fuels.

He added: “It is imperative that going forward all stakeholders must deliberately adopt strategies that embolden and underpins these three core principles; Adoption of low carbon technologies across all operations in the oil and gas value chain, deepening and penetration of natural gas utilisation domestically to increase energy sufficiency and reduce energy poverty and invest conscientiously in cleaner fuels and renewables.

“It is, therefore, imperative that we all build a consensus to adopt a more inclusive approach that would consider all these variables,” he stated.

On its part, Ahmed disclosed that the NMDPRA will ensure that it creates an enabling environment for investments in the midstream and downstream space by creating numerous opportunities and enabling industry participants through its regulatory service instruments that are designed to ensure that businesses thrive with corresponding economic growth.

The NMDPRA helmsman whose keynote address was titled: ‘Revitalising the industry: future fuels and transition,’ said as the Chief Executive of the Authority, he is passionate about security, economic stability, growth, and sustainability of the Nigerian energy sector.