Africa Cannot Remain Price-Taker In Global Petroleum Market, Says NMDPRA BossAfrica must move from being predominantly a price-taker in the global petroleum market to becoming a credible centre for price discovery, trading, investment and value creation, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has said. Umar said the region had made progress since the inaugural conference in 2025, but warned that institutional developments alone would not be sufficient to create a functioning regional market. He said Africa already possessed the key ingredients for a vibrant regional petroleum market, including abundant resources, growing demand and expanding refining capacity. AdvertisementUmar also highlighted operational efficiency as a critical but often neglected component of petroleum market development. He reaffirmed NMDPRA’s commitment to working with regional partners, investors, operators, financial institutions and other market participants to establish a transparent, liquid and resilient African petroleum market.