The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has projected that Nigeria could achieve full petroleum export status within two years, following the licensing of 83 refineries by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The NMDPRA has issued licenses for 83 refineries with a combined refining capacity of 1,124,500 barrels per day. The breakdown includes:
– 8 refineries with Licenses to Operate (LTO)
– 30 refineries with Licenses to Construct (LTC)
– 45 refineries with Licenses to Establish (LTE)
Speaking at his 65th birthday celebration in Abuja, PETROAN National President, Billy Gillis Harry, emphasized the need for adequate crude oil supply to sustain local refineries. He noted that prioritizing domestic refining would reduce Nigeria’s reliance on imported petroleum products and boost economic growth.
READ ALSO: Fuel To Sell For ‘As Low As ₦750’ Per Litre Before Year End — NIPSS
Key Benefits of Local Refining
Harry highlighted two major advantages:
1. Reduced Fuel Imports & Forex Savings – Petrol imports have already dropped from 44.6 million litres per day in August 2024 to 14.7 million litres per day as of April 2025, signaling progress in local production.
2. Job Creation & GDP Growth – Operating refineries at full capacity will stimulate employment and strengthen Nigeria’s economy.
READ ALSO: Petrol Imports Rose By 105% To ₦15.42trn In 2024 — NBS
PETROAN commended NMDPRA’s CEO, Farouk Ahmed, for fostering transparency and investor confidence in the sector. The association also praised President Bola Tinubu for his leadership in driving reforms under the
Petroleum Industry Act (PIA), as well as the Minister of Petroleum Resources, Senator Heineken Lokpobiri, for improving crude oil production through enhanced security measures.
READ ALSO: Major Fuel Shortage Hits Black Gold Producer Niger
With these developments, PETROAN expressed optimism that Nigeria’s petroleum sector is on track for significant transformation, positioning the country as a major player in the global energy market.
