The Federal Government has said that investment in the downstream sector of the nation’s oil industry has hit over N60bn.
Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Farouk Ahmed, who disclosed this at a forum in Lagos, said several thousands of employment opportunities are also being generated to march the level of investment in the sector.
He assured that his agency is committed to sustaining the tempo of the investment in the sector to add value to the lives of Nigerians, adding that it has adopted stringent measures in the sector with a view to forestalling recurrence of unwholesome acts, which if not quickly tackled, could breed lawlessness.
According to him, the PPPRA has introduced double-one-two inspection system monitoring of truck-out of Premium Motor Spirit from the depots by nominated surveyors; submission and verification of notice of arrival and notice of readiness and vessel-import financing documents; restricted participation of marketers under the Petroleum Support Fund Scheme to owners of coastal discharge/depot facilities and ban on the use of bills for collection and unconfirmed letters of credits as financing instruments for petroleum products imports.
Others, he said are the rejection of homogenized cargo from multiple vessels with no defined origins; total ban on cargoes procured from floating storages in the West African coasts; introduction and enforcement of the submission of Bill of Laden, Certificate of Origin, Affirmation Letter from Supplier and complete family tree of transaction.
He noted that these initiatives have led to improved fuel availability nationwide and at regulated price; entrenchment of transparency, elimination of petroleum products wastages, scarcity and malpractices in the supply chain.