Downstream operators invested N70bn in two years – PPPRA – Downstream operators in the country’s oil and gas industry invested over N70bn in the past two years, the immediate past Executive Secretary, Petroleum Products Pricing Regulatory Agency, Mr. Reginald Stanley, has said.
He was quoted as saying in a statement on Tuesday that the PPPRA attracted N70bn worth of investment into the country’s downstream oil sector while boosting the economy.
Stanley said this while handing over to his successor, Mr. Farouk Ahmed.
“In the past 24 months, over N70bn has been invested in the downstream. Many depots and jetties have been built by private initiatives, thereby generating thousands of jobs in the Nigerian economy,” he said.
Stanley said his efforts at the PPPRA had paid off in the stability witnessed in the downstream sector in recent years.
He said, “One of the most remarkable achievements of my time was the stability of supply, which was driven by the issuance of laycans to marketers. During this period, queues became a thing of the past.
“Nigerians no longer kept vigil at filling stations in their bid to purchase fuel. Today, the downstream has been completely sanitised.”
The former PPPRA boss said the agency’s processes and procedures had been aligned to global best practices, stressing that this had engendered confidence, transparency and accountability in the downstream sector.
Stanley stated that the PPPRA, under his watch, was able to reduce daily fuel consumption from 60.25 million litres in 2011 to 39.79 million litres in 2012.
He said the agency in 2013 recorded 42.11 million litres per day consumption, which was 18.14 million litres per day, less than what was recorded in 2011
The ex-PPPRA boss said, “What is so spectacular of the 2013 consumption is that it showed a modest increase of 5.5 per cent on the 2012 figure in an economy growing at 6.9 per cent per annum.
“Statistically, gasoline consumption tracks the Gross Domestic Product growth very closely. Therefore, this was an excellent result. Equally arising from this reduction in the volume of Premium Motor Spirit is the huge savings to the subsidy payment of N409bn in 2012 and N326.57bn in 2013.”
Posted by Hope for Nigeria
