Department of Petroleum Resources (DPR)

1. Regulatory Oversight:
   DPR is responsible for overseeing the upstream, midstream, and downstream activities in Nigeria’s oil and gas industry. This includes granting licenses, permits, and leases for oil and gas exploration and production activities to ensure compliance with industry standards and environmental regulations.
2. Revenue Collection and Management:
   DPR plays a role in collecting rents, royalties, and other forms of revenue on behalf of the government from oil and gas companies operating within Nigeria. These funds contribute to the government’s income from petroleum activities.

Nigerian National Petroleum Corporation (NNPC)

1. Petroleum Product Supply and Distribution:
   NNPC is responsible for ensuring the availability of petroleum products across the country. It manages the refining, distribution, and retailing of petroleum products to maintain stable supply and prices within the domestic market.
2. Government’s Commercial Participation:
   NNPC acts on behalf of the government in joint ventures with private oil companies, representing the Nigerian government’s equity interests in oil and gas operations, ensuring that the government benefits from its stake in the sector.

Central Bank of Nigeria (CBN)

1. Foreign Exchange Management:
   CBN is responsible for managing foreign exchange generated from the oil and gas sector, which constitutes a major source of Nigeria’s foreign reserves. CBN ensures that foreign exchange transactions related to the oil industry are conducted efficiently to support economic stability.
2. Monetary Policy Implementation:
   CBN implements monetary policies that affect the oil and gas sector, such as controlling inflation and interest rates. These policies impact investments, pricing, and revenue generation in the industry, thereby influencing the broader economic stability of Nigeria.