Story written by SpringNewsNG Media Limited –Abuja, Nigeria – April 22, 2025
Nigeria is on track to emerge as a full-fledged petroleum-exporting country within the next two years, according to projections by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN). This optimistic forecast comes on the heels of major regulatory strides made by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in refining sector development.

In a recent announcement, the NMDPRA disclosed that it has issued 83 refinery licenses across the country, boasting a combined refining capacity of 1,124,500 barrels per day. These licenses are strategically categorized into:

• 8 Licenses to Operate (LTO)
• 30 Licenses to Construct (LTC)
• 45 Licenses to Establish (LTE)

This move, according to industry stakeholders, marks a turning point in Nigeria’s quest to boost local refining and reduce its dependence on imported petroleum products.

Crude Supply Critical for Refinery Success — PETROAN

Speaking on the development, Billy Gillis-Harry, National President of PETROAN, emphasized the need for a steady and adequate supply of crude oil to indigenous refineries. He stressed that local refineries can only thrive if the federal government ensures the availability of feedstock to support their operations.

Gillis-Harry noted two key benefits of ensuring consistent crude allocation:

• Boost in local production, cutting down on fuel imports and conserving foreign reserves.
• Job creation and economic growth, as operational refineries would significantly enhance GDP contributions and stimulate industrial activity.

Investor Confidence on the Rise

PETROAN also commended Farouk Ahmed, the CEO of NMDPRA, for introducing reforms that have enhanced transparency and rekindled investor interest in Nigeria’s oil and gas sector.

“The licensing of 83 refineries is a landmark achievement that demonstrates growing investor confidence,” the association stated. “The drastic reduction in petrol imports—from 44.6 million litres per day in August 2024 to 14.7 million litres per day as of April 13, 2025—highlights the success of this policy direction.”

The Bigger Picture: Towards Energy Independence

With the likes of Dangote Refinery already exporting petroleum products to West African nations, Nigeria’s trajectory toward energy self-sufficiency and export expansion appears increasingly realistic.

Stakeholders believe that, with sustained support for private refineries and robust crude oil allocation policies, Nigeria could soon transition from a net importer to a dominant petroleum exporter, enhancing revenue generation and positioning the country as a regional energy hub.

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