IPMAN Endorses Tinubu’s Oil Sector Reset, Rejects Fuel Imports

The Independent Petroleum Marketers Association of Nigeria has welcomed President Bola Ahmed Tinubu’s decision to restructure leadership at key petroleum regulatory agencies, describing the move as a necessary step toward restoring confidence and discipline in Nigeria’s oil and gas sector.

The association’s national president, Abubakar Maigandi Shettima, said the recent changes at the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Petroleum Regulatory Commission would strengthen regulatory clarity and support ongoing reforms aimed at stabilising the downstream market.

Shettima spoke in Abuja while reacting to developments surrounding domestic refining and the growing engagement between independent marketers and the Dangote Petroleum Refinery. He said the leadership adjustments had helped ease uncertainty created by recent disputes over fuel importation, pricing and regulatory oversight.

According to him, the partnership between IPMAN and the Dangote refinery is driven by a shared objective of improving fuel availability, lowering costs and enhancing the welfare of Nigerians. He credited the progress recorded so far to what he described as pragmatic leadership and sound judgment at the federal level.

Shettima reiterated IPMAN’s long-held position that Nigeria must end its dependence on imported petroleum products, warning that continued fuel importation alongside local refining undermines economic stability. He argued that issuing import licences weakens domestic investment, drains foreign exchange and discourages job creation.

He said a functional domestic refining system would stabilise pump prices, reduce pressure on the naira and create employment across the downstream value chain. He added that consistent and transparent regulation remains critical to sustaining investor confidence and preventing policy reversals that could erode recent gains.