Nigeria leads continent-wide push for unified oil regulations

African petroleum regulators, led by Nigeria, have launched a continental forum aimed at harmonising oil regulation in a bid to attract crucial investment across the region's burgeoning energy sector, the Nigerian oil regulator said in a statement.

Due to declining investment dollars, African oil regulators are betting that a more integrated energy market where rules are consistent and transparent across jurisdictions can unlock capital.

Sixteen countries gathered in Accra to witness the signing of the charter establishing the African Petroleum Regulators Forum (AFRIPERF).

The signing ceremony, held on the sidelines of Africa Oil Week, was chaired by Gbenga Komolafe, head of Nigeria’s upstream regulator, the Nigerian Upstream Petroleum Regulatory Commission.

Regulatory cooperation

Regulators from eight countries, including Nigeria, Ghana, Somalia, The Gambia, Madagascar, Sudan, Guinea, and Togo, formally endorsed the charter, while seven others pledged support pending domestic consultations.