Nigeria National Petroluem Policy.

This National Petroleum Policy is a comprehensive document aiming to (i) outline the Federal Government of Nigeria's policy regarding the country's crude oil resources; (ii) establish its medium- to long-term goals for developing these resources; (iii) detail the strategies to be implemented to ensure the successful execution of this Policy. The ultimate goal is to realize the vision of transforming Nigeria into a nation where hydrocarbons fuel national economic growth, rather than merely serving as a source of income, by fostering the development of a robust domestic industry focused on refining and further processing of hydrocarbons, establishing Nigeria as a regional and international hub for crude refining, diversifying into significant petrochemical and petroleum-based industries, ensuring a secure and diversified petroleum resource base, delineating clear roles between the public sector (policy and regulation) and the private sector (investment and operations), fostering greater Nigerian private sector participation in the petroleum industry, and aligning with the National Gas Policy to create a diversified, gas-based industrial economy.
The Policy outlines the following main strategic objectives (i) develop a market-driven oil and gas sector by establishing effective funding for the National Oil Company, encouraging private investment across the entire value chain, and clearly separating the roles of the state as policymaker, regulator, and investor; (ii) maximize the production and processing of hydrocarbons; (iii) create value by processing oil into significant end products for industries, aiming for diversification, backward integration, a competitive petroleum product supply, while expanding and integrating product lines; (iv) track the hydrocarbon molecule from extraction to destination markets, securing primary and secondary markets outside Nigeria through collaborative ventures; (v) encourage investments in a cost-efficient storage, transportation, and distribution system for petroleum products, managing supply disruptions, applying non-discriminatory regulatory oversight, promoting open access to midstream infrastructure, and pursuing diversified supply and distribution options; (vi) promote industry competition; (vii) minimize the environmental impact of oil exploration in Nigeria through strict enforcement of environmental laws; (viii) balance the depletion of oil resources with the development of renewable energy.