The Federal Authorities has formally launched the nation’s first on-line gasoline buying and selling, clearing, and settlement platform.
The platform, often known as the Gasoline Buying and selling Licence, Clearing Home, and Settlement Authorization, goals to introduce transparency, effectivity, and competitiveness into the nation’s gasoline market.
On the launch occasion held in Abuja, the Minister of State for Petroleum Sources (Gasoline), Hon. Ekperikpe Ekpo, described the initiative as a “new daybreak” for Nigeria’s gasoline trade.
He stated, “I’m happy to hitch you as we speak on this event of the launch of the primary Gasoline Buying and selling Licence and Clearing Home & Settlement Authorization. This milestone occasion signifies the daybreak of a brand new period the place our gasoline trade will emerge with a clear, aggressive, and investment-ready market.”
Based on Ekpo, the platform will streamline pure gasoline buying and selling, guaranteeing clear pricing, environment friendly market-driven worth willpower, and safe fee mechanisms—components essential to fostering investor confidence and sustainable trade development.
FG lauds NMDPRA
The Minister praised the efforts of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), led by Chief Govt Farouk A. Ahmed, in addition to the revolutionary partnership with JEX Markets Restricted in growing this pioneering on-line platform.
Hon. Ekpo highlighted that the introduction of the Gasoline Buying and selling Licence indicators the start of a brand new, regulated gasoline market. He defined that this surroundings will encourage dependable merchants to conduct enterprise safely, allow higher enterprise planning, and entice traders by safeguarding their capital and defending the general public curiosity.
What CEO of NMDPRA stated
Farouk A. Ahmed, CEO of NMDPRA, described the formal presentation of the Gasoline Buying and selling Licence as the results of a profitable collaboration between the Authority and trade stakeholders.
He stated it additionally reaffirms the dedication of the Authority to the actualization of one of many core goals of the PIA, which is the expansion of the home gasoline sector right into a dynamic and aggressive buying and selling and provide hub.
Ahmed stated because the regulator of Nigeria’s midstream and downstream petroleum sector, the Authority acknowledges that the true take a look at of licensing JEX Markets shouldn’t be within the ceremony of as we speak, however within the transformation it should ship tomorrow.
He vowed that NMDPRA would supply a agency, clear, and technology-enabled regulatory platform to make JEX succeed.
“To make sure that JEX succeeds as Nigeria’s pioneering gasoline buying and selling, clearing and settlement platform, we’ll present a agency, clear and know-how‑enabled regulatory framework beneath the PIA, giving traders the understanding and confidence required to commit lengthy‑time period capital to the gasoline worth chain,” he stated.
What it’s best to know
Just lately, the Nigerian Upstream Petroleum Regulatory Fee (NUPRC) launched the 2025 Licensing Spherical, introducing a digital bid portal because the nation strikes to deepen funding and strengthen actions within the upstream sector.
The Fee Chief Govt, Gbenga Komolafe stated the portal was developed to develop funding alternatives, enhance transparency, and deepen exploration throughout Nigeria’s oil and gasoline worth chain.
