Poor investment into the gas sector is responsible for the rising cost of cooking gas, Farouk Ahmed, Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, has stated.
Ahmed spoke during his inauguration as the CEO of NPRA on Monday. The CEO of the Upstream Regulatory Commission, Gbenga Komolafe, was also inaugurated on the occasion.
Ahmed disclosed that the NPRA would work with stakeholders to tackle the challenge of rising price of cooking gas, saying that with the abundance of gas, Nigeria should not struggle with gas supply.
On his part, Komolafe said that the Commission, apart from playing the regulatory roles, would also act as a business enabler for the sector.
He added that the agency would strive to ensure that Nigeria met its OPEC oil production quota.
In his speech on the occasion, Timipre Sylva, Minister of State for Petroleum Resources, challenged the duo on the growth of the oil and gas industry, in view of the drop in direct investment into the sector.
Sylva said that government expected exponential growth in the industry with the coming of the Petroleum Industry Act, PIA.
