The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in conjunction with the Securities and Exchange Commission (SEC), has issued licenses to JEX Market to establish and operate a gas clearing house and settlement authorisation platform where natural gas and its derivatives will be traded in the country.
In a statement, it said the platform is expected to become operational soon, making it the first of its kind on the African Continent, thereby placing Nigeria in its rightful place as the hub for energy transactions in the region.
“The platform will allow for more efficient, transparent and swift trading of natural gas commodities in Nigeria and the African region, thereby accelerating the growth of the Nigerian energy sector towards a mature market.
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“As the market matures, it encourages more investment into the sector, creates more employment opportunities and wealth creation, increases government revenue and allows easier auditing of transactions by relevant agencies and parties.
“These licences are coming at an opportune time, marking the two years of the progressive leadership of President Bola Ahmed Tinubu (GCFR), and as Nigeria approaches the halfway mark of the Decade of Gas journey.
The statement noted the establishment of the exchange platform as a testimony to the success of the policy decisions of the current administration and a clear indication that the Decade of Gas programme is well on track to achieve its objectives by the year 2030.
“It is also quite instructive to note the regulatory synergy that led to the attainment of this feat between the NMDPRA and the SEC, and it marks a very good example of the values that the nation stands to gain when agencies work together.
“The establishment of the platform is a step further in the renaissance of the Nigerian energy landscape being championed by domestic entrepreneurs who are increasingly executing bold initiatives under the conducive environment being provided by regulatory agencies.
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