The Federal Government has launched a new online platform for gas trading and exchange, marking a major step toward creating a transparent and competitive gas market in Nigeria.
Speaking at the launch in Abuja, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, described the initiative—known as the Gas Trading Licence, Clearing House, and Settlement Authorization—as a turning point for the industry.
“This milestone event signifies the dawn of a new era where our gas industry will emerge with a transparent, competitive, and investment-ready market,” he said.
Ekpo commended the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), led by its Chief Executive, Farouk Ahmed, as well as JEX Markets Limited, for developing the platform. He noted that the innovation would support transparent pricing, efficient price discovery, and secure payment systems in line with national energy policies and global standards.
According to the minister, the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which places natural gas at the center of Nigeria’s strategy for energy security, industrialization, and economic diversification.
He emphasized that despite Nigeria’s vast gas reserves, the country can only achieve its full potential if the market is efficient, reliable, and well-regulated. The new Gas Trading Licence, he said, provides the governance structure needed to protect investments, promote planning, and ensure confidence among players in the value chain.
Ekpo added that the licence is backed by strict provisions of the Petroleum Industry Act (PIA), which mandates the Authority to regulate midstream and downstream operations, set transparent cost benchmarks, protect consumers, and enforce compliance.
On his part, NMDPRA Chief Executive, Farouk Ahmed, said the issuance of the licence reflects successful collaboration within the industry and supports a key objective of the PIA—to develop a dynamic domestic gas trading hub.
He stressed that the real measure of success lies in the platform’s ability to transform the market, adding that the agency will ensure strong, technology-driven regulatory oversight to support JEX Markets.
“To ensure that JEX succeeds as Nigeria’s pioneering gas trading, clearing, and settlement platform, we will provide a firm, transparent, and technology-enabled regulatory framework under the PIA,” Ahmed said.
He noted that the Authority will partner with the Securities and Exchange Commission (SEC) and financial-market institutions to harmonize rules, standardize contracts, and uphold global best practices in clearing and settlement.
Ahmed further pledged to drive participation across the value chain—producers, transporters, aggregators, and major buyers—to boost market liquidity and strengthen transparent price discovery.
He added that capacity building, data transparency, and industry education will form part of the Authority’s strategy to help Nigerian companies thrive in the evolving gas economy.
According to him, the JEX platform will be positioned as a strategic national asset under the Decade of Gas agenda, advancing regional integration and cross-border gas trade while establishing Nigeria as Africa’s benchmark market for gas trading and pricing.
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