Nigeria Pushes for Unified Oil Regulations Across Africa
16 countries back new AFRIPERF forum to harmonise standards, improve transparency and attract investment in the continent’s petroleum sector.
Nigeria is leading a continent-wide initiative to harmonize oil regulations under the newly established African Petroleum Regulators Forum (AFRIPERF), in a bid to create a more transparent and investment-friendly energy landscape.
Sixteen African countries convened in Accra to sign a charter establishing the forum, with eight countries formally endorsing it.
The charter signing happened on the sidelines of Africa Oil Week in Accra, chaired by Gbenga Komolafe, the Chief Executive of Nigeria’s Upstream Petroleum Regulatory Commission (NUPRC), who is serving as interim chairman for AFRIPERF.
The eight countries that signed formally are Nigeria, Ghana, Somalia, Gambia, Madagascar, Sudan, Guinea and Togo. The others present, including Kenya, Mauritania, Benin, Mozambique, Angola, Namibia, South Africa, and Morocco pledged support pending domestic consultations.
“The absence of a unified framework has slowed down investment and left Africa vulnerable to exploitation,” Gbenga Komolafe, said. “AFRIPERF is a step toward making Africa a stronger player in global energy markets.”
According to the leaders, the forum aims at; establishing common standards across member states to reduce policy conflicts and regulatory divergences, improving the predictability of rules and reduce uncertainty for domestic and foreign investors.
Addressing cross-border challenges, like emissions regulation, digitalisation of regulatory practices, and the trade of gas across borders and member states get to share expertise, training, and regulatory best practices to build stronger institutional capacities.
Industry observers believe the move could attract billions in new investment, though challenges remain, particularly in balancing national interests with regional goals.
Source: NUPRC
