The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says Nigeria could become a full petroleum exporting country in the next two years. This follows the announcement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) that it has licensed 83 refineries nationwide.
Also, the total refining capacity from these refineries now stands at 1,124,500 barrels per day. The licences include eight for operation, 30 for construction, and 45 for establishment.
Local refineries need crude supply
Moreover, PETROAN’s president, Billy Gillis-Harry, said Nigeria must ensure a steady supply of crude oil to local refineries. He stressed that without crude, these refineries cannot function effectively.
Additionally, he explained that making crude available locally will reduce Nigeria’s reliance on imported fuel and save foreign exchange.
Jobs and economic growth expected
Furthermore, Gillis-Harry noted that if the refineries work at full capacity, they will create more jobs and grow the economy. He believes local production of fuel will help Nigeria’s economy and reduce pressure on the naira.
Also, he praised the NMDPRA’s leadership for attracting more investors into the oil and gas sector through innovation and transparency.
Fuel import drops sharply
PETROAN stated that Nigeria’s daily petrol import has dropped significantly. By April 13, 2025, the country was importing only 14.7 million litres per day, down from 44.6 million litres in August 2024.
Additionally, the association described this decline as proof that local refining is already making a difference.
More investors showing interest
Furthermore, PETROAN believes the growing number of licensed refineries is proof that Nigeria’s oil sector is now more attractive to investors. However, the group insists that continued support for local refineries is key to sustaining this progress.
Also, the association has urged the federal government to keep supporting efforts that encourage local fuel production and reduce import dependency.
