The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in collaboration with the Securities and Exchange Commission (SEC), has granted gas trading and settlement licences to JEX Market, marking the establishment of Africa’s first gas clearing house and settlement authorisation platform.
In a statement by George Ene-Ita, director of the public affairs unit at the NMDPRA, the regulators said JEX Market’s platform will serve as a commodity exchange for the trading of natural gas and its derivatives, enabling transparent and efficient transactions across the energy value chain.
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The platform, approved after a rigorous due diligence process, will become operational soon. It is expected to accelerate the growth of Nigeria’s energy sector, foster investments, create jobs, and increase government revenue while ensuring easier auditing of transactions.
Ene-Ita noted that the launch of the platform comes at a significant time, marking two years of President Bola Tinubu’s administration and aligning with the ‘Decade of Gas’ agenda aimed at transforming Nigeria into a gas-powered economy by 2030.
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