The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed optimism that Nigeria is on a clear path to becoming a net exporter of petroleum products within the next two years.
This projection was made by the President of PETROAN, Dr. Billy Harry, during a gathering to mark his 65th birthday in Abuja. The statement, issued on Tuesday by the association’s spokesperson, Joseph Obele, highlights growing confidence in the country’s refining capacity and the positive strides being made in the petroleum sector.
According to Harry, Nigeria’s journey toward energy independence has been significantly boosted by recent policy reforms and private-sector investments in local refining. He noted that for Nigeria’s emerging refineries to operate sustainably, there must be a dedicated volume of crude oil reserved for local processing.
“We are approaching a turning point,” Harry said. “When our refineries are able to run at full capacity, the impact will be far-reaching—from reducing our dependence on imported petroleum products to conserving foreign exchange, creating jobs, and boosting GDP growth.”
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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently confirmed the issuance of 47 licences to establish new refineries, eight licences to operate, and 30 construction permits, signalling a strong push toward local refining.
Obele further noted a sharp decline 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. He described this as a clear indication that the country’s refining sector is gaining traction.
“We commend the NMDPRA, under the leadership of Engr. Farouk Ahmed, for its innovative and transparent regulatory approach, which has helped attract investor confidence,” Obele said. “We also appreciate President Bola Tinubu’s commitment to transforming the petroleum sector and Senator Heineken Lokpobiri’s efforts in boosting daily crude oil production through enhanced security measures.”
Obele assured that PETROAN remains committed to working closely with regulatory bodies and industry stakeholders to support sustainable growth in the sector.
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