๐๐๐๐ค๐จ, ๐๐๐๐๐ง๐๐, ๐๐๐ฉ๐ ๐๐๐ฉ๐ค๐๐๐ง, ๐๐๐๐:
As ย Guest Speaker at the 19th Africa Downstream Energy Week 2025 in Lagos, themed: “๐จ๐๐๐๐a Oilย & ๐ฎ๐๐ ๐ด๐๐๐๐๐ ๐๐๐ ๐น๐๐๐๐๐๐๐ ๐น๐๐๐๐๐๐๐๐๐ ๐ฐ๐๐๐๐๐๐๐๐๐๐” the Director-General of National Petroleum Regulatory Authority (NPRA) Brima Baluwa Koroma has called on oil and gas Traders, experts, producers, stakeholders and regulators in Africa to accelerate the push for a robust regional integration and harmonize petroleum policies aimed at efficiency and accessibility in the industry.
Giving an insight into the downstream market, the Director-General noted that it is absurd that the region still imports over 70% of refined petroleum products, irrespective of its immense hydrocarbon potential, adding that fuel costs account for over 40% of national import bills in some ECOWAS countries, placing a burden on both government and citizens. He further posited that where there is price volatility, supply chain inefficiencies and quality disparities persist, a Regional Regulatory Integration must no longer be a dream, but a common destination with a fundamentally new development approach.
Baluwa Koroma went further to state that โโthe fragmentation of laws, standards, licensing systems, and tax regimes across Africa weakens our collective leverage and stifles investment. This creates cross-border inconsistencies in fuel quality and pricing, tariff structures, unfair competition and regulatory arbitrage.
He further appeals to other regulators that Regional Regulatory integration is not about surrendering national control. โโIt is about increasing our collective control over our markets, over our common destiny, and over how we serve our citizens, while preserving our African valuesโโ.
He went further to state that Africa, particularly sub-Saharan Africa, is currently undergoing the largest and fastest demographic shift in the world.ย ย We need a robust strategy that can help us as regulators to make decisions with conviction and speed. Africa must make a decision that helps Africa.
DG Koroma stated Africa is the Worldโs largest trade area, bringing the 55 countries of the African Union, eight Regional Economic communities.
It is desirable to create a single continental market with a population of 1.3 billion people and a combined GDP of approximately USD3.4 trillion. As regulators, he said, โโwe must remain united in thought and strategyโโ.
The Director General emphasized that a Regional Regulatory Integration will not only strengthen Africaโs collective bargaining power but also promote price transparency, market stability, boost economies-of-scale and drive down costs for consumers and industries alike.
Such initiative will require policy harmonisation, joint infrastructure development, regulatory alignment, and above all political will.
Baluwa concluded that the downstream environment is constantly evolving, the regional approach must be flexible enough to adapt to growing changes depending on the specific circumstances of each jurisdiction
NPRA Media and Public Relations Department