The Petroleum Products Retail Outlets Owners Association of Nigeria has projected that Nigeria will become a full petroleum exporting nation within the next two years.
This projection comes on the heels of a major milestone announced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority which recently licensed 83 refineries with a combined refining capacity of 1,124,500 barrels per day.
According to the NMDPRA, the licenses include eight refineries with Licenses to Operate (LTO), 30 with Licenses to Construct (LTC), and 45 with Licenses to Establish (LTE).
PETROAN National President, Billy Gillis Harry, stressed the importance of ensuring crude oil availability for the licensed refineries to remain viable.
“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 stated.
He highlighted two key benefits of prioritizing crude supply to 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.”
Describing the progress as a positive indicator of investor confidence, he added, “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 also commended the NMDPRA for championing local refining efforts, pointing to the steep drop in petroleum imports as evidence of success.
“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.