The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has formally licensed JEX Markets as Nigeria’s pioneering gas trading, clearing and settlement platform, marking a major milestone in the implementation of the Petroleum Industry Act (PIA). The agreement was presented and signed on Thursday in Abuja, signalling the government’s intention to strengthen transparency, efficiency and investment confidence across the nation’s gas market.
Authority Chief Executive of the NMDPRA, Engr. Farouk Ahmed, said the full operationalisation of this aspect of the PIA will unlock extensive opportunities and deepen investment in safe and reliable gas market trading practices. He noted that the licensing framework and other regulatory instruments under the Authority continue to drive sustainable development of the domestic gas market through the application of global best practices that promote transparency, efficiency, price discovery and accurate market reporting.
Ahmed stressed that the true significance of the licensing lies not in the ceremony but in the transformative outcomes expected from 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, giving investors the certainty and confidence required to commit long-term capital to the gas value chain,” he said.
The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, stated that the platform will play a critical role in generating a credible, market-driven Nigeria Gas Price Index. He said the index will accurately reflect domestic and regional demand and supply, providing a reliable benchmark for pricing, investment planning and market development.
The establishment of JEX Markets is expected to enhance liquidity, improve market structure and strengthen Nigeria’s ambition to build a globally competitive gas economy under its decade-of-gas commitments.
