Nigeria Launches Crude Certificate Trading Platform to Boost Local Demand
Nigeria's Upstream Petroleum Regulatory Commission (NUPRC) is introducing a compliance trading platform that will allow crude oil producers to trade supply certificates.
The initiative aims to strengthen compliance with domestic supply requirements while creating market-based incentives for producers to meet local crude demand.
NUPRC CEO Mrs. Oritsemeyiwa Eyesan acknowledged that some operators have prioritized overseas buyers offering more attractive commercial terms, leaving domestic refineries struggling to access required crude supplies.
The proposed trading platform will enable producers that exceed their Domestic Crude Supply Obligation (DCSO) to trade certificates with companies focused on exports, addressing the compliance gap and ensuring that domestic refineries have access to required crude supplies.