The Nigerian government has licensed 83 companies to operate or build refineries in a major step towards reducing the country’s dependence on petrol imports.
Local refining gets a boost
The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, said this during a press conference at the Presidential Villa in Abuja.
He explained that the licences include eight companies with approval to operate existing refineries, 30 companies with permission to begin construction, and 40 firms with approval to set up refineries.
These developments, he said, are helping Nigeria meet its fuel needs locally and cut down the volume of Premium Motor Spirit (PMS), commonly known as petrol, that it brings in from abroad.
Imports drop by nearly 30 million litres daily
According to Ahmed, Nigeria’s petrol imports have fallen from 44.6 million litres per day in August 2024 to 14.7 million litres per day by April 13, 2025. That’s a drop of almost 30 million litres every day.
This sharp decline is mainly due to increased activity at the Port Harcourt Refining Company and contributions from smaller modular refineries across the country.
Oil prices hit by US trade decisions
Ahmed also said recent drops in global crude oil prices are linked to trade policies introduced by United States President Donald Trump. He pointed to new tariffs that are creating uncertainty in the global economy and reducing investor confidence in the oil market.
Looking ahead
The NMDPRA chief said Nigeria’s goal is to become more self-reliant in refining petroleum products. He believes the growing number of local refineries is a sign of progress and will help improve fuel availability and stability for Nigerians in the months ahead.
