The Federal Government has officially launched the country’s first online gas trading, clearing, and settlement platform.
The platform, also known as the Gas Trading Licence, Clearing House, and Settlement Authorization, aims to introduce transparency, efficiency, and competitiveness into the nation’s gas market.
At the launch event held in Abuja, the Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, described the initiative as a “new dawn” for Nigeria’s gas industry.
He said, “I am pleased to join you today on this occasion of the launch of the first Gas Trading Licence, Clearing House, and Settlement Authorization. This milestone event signifies the dawn of a new era where our gas industry will emerge with a transparent, competitive, and investment-ready market.”
According to Ekpo, the platform will streamline natural gas trading, ensuring transparent pricing, efficient market-driven price determination, and secure payment mechanisms—elements crucial to fostering investor confidence and sustainable industry growth.
The Minister lauded the efforts of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), led by the Chief Executive, Farouk A. Ahmed, as well as the innovative partnership with JEX Markets Limited in developing the pioneering online platform.
Hon. Ekpo highlighted that the introduction of the Gas Trading Licence signals the beginning of a new, regulated gas market. He explained that this environment will encourage reliable traders to conduct business safely, enable better business planning, and attract investors by safeguarding their capital and protecting the public interest.
The CEO of NMDPRA, Farouk Ahmed, described the formal presentation of the Gas Trading Licence as the result of a successful collaboration between the Authority and industry stakeholders.
He said it also reaffirms the commitment of the Authority to the actualization of one of the core objectives of the Petroleum Industry Act (PIA), which is the growth of the domestic gas sector into a dynamic and competitive trading and supply hub.
Ahmed said as the regulator of Nigeria’s midstream and downstream petroleum sector, the Authority recognizes that the true test of licensing JEX Markets is not in the ceremony of today, but in the transformation it must deliver tomorrow.
He assured that NMDPRA would provide a firm, transparent, and technology-enabled regulatory platform to make JEX succeed.
“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.