The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has projected that Nigeria will become a full petroleum exporting nation in two years.
This followed the announcement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on its recent milestone of licensing 83 refineries with a combined total refining capacity of 1,124,500.
The breakdown of the licenses includes eight refineries with Licenses to Operate (LTO), 30 refineries with Licenses to Construct (LTC), and 45 refineries with Licenses to Establish (LTE).
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In a release made available to BusinessDay, Billy Gillis Harry, the National President of PETROAN, emphasised the importance of making crude oil available for local refineries.
He stated that if these refineries must remain in business, adequate provision must be made for a sufficient volume of crude oil to be set aside for them.
Harry highlighted two key benefits of making crude oil available for local refineries: “Increased domestic production of petroleum products, thereby reducing reliance on imported products and conserving foreign exchange.
“Creation of jobs and stimulation of economic growth, as local refineries would be able to operate at optimal capacity and contribute significantly to Nigeria’s GDP.”
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“This achievement is a clear indication that the oil sector in Nigeria is becoming increasingly attractive to investors. We commend the Chief Executive Officer of NMDPRA, Farouk Ahmed, for the innovation and transparency his office is bringing, which has attracted investors and boosted confidence in the sector.”
PETROAN commended the NMDPRA for promoting local refining and reducing dependence on imported petroleum products.
“The significant decline in petrol imports from 44.6 million litres per day in August 2024 to 14.7 million litres per day by April 13, 2025, is a testament to the success of this initiative,” the statement read.
