The Petroleum Products Retail Outlets Owners Association of
Nigeria (PETROAN) has projected that Nigeria will transition into a net
petroleum export nation within the next two years.
Billy Harry, PETROAN President, spoke during his 65th
birthday celebration in Abuja on Monday, according to Joseph Obele, PETROAN’s
spokesperson, in a statement issued on Tuesday.
On April 16, the Nigerian Midstream and Downstream Petroleum
Regulatory Authority (NMDPRA) said the agency had issued 47 licences to
establish (LTE) refineries across the country.
NMDPRA also issued eight refineries licences to operate
(LTO), and 30 refineries with licences to construct (LTC).
Harry noted that if the refineries must remain in business,
adequate provision must be made for a sufficient volume of crude oil to be set
aside for them.
The PETROAN president said increased domestic production of
petroleum products would reduce reliance on imported products and conserve
foreign exchange (FX).
He further said the creation of jobs and stimulation of
economic growth would follow, as local refineries would be able to operate at
optimal capacity and contribute significantly to Nigeria’s GDP.
PETROAN LAUDS NMPDRA
FOR PROMOTING LOCAL REFINING
Obele said the association commends the NMDPRA for its
efforts in promoting local refining and reducing dependence on imported
petroleum products.
He explained that the significant decline in petrol imports
from 44.6 million litres per day in August 2024 to 14.7 million litres per day
by April 13, 2025, is a testament to the success of the effort.
“We commend the Chief Executive Officer of NMDPRA, Engr.
Farouk Ahmed, for the innovation and transparency his office is bringing, which
has attracted investors and boosted confidence in the sector,” the spokesperson
said.
“We also commend His Excellency, President Bola Tinubu, for
his leadership and vision in transforming the petroleum industry. His
commitment to creating a conducive environment for growth and development has
yielded positive results, and we look forward to continued collaboration and progress.
“Furthermore, we appreciate the efforts of the Office of the
Honourable Minister of Petroleum Resources, Senator Heineken Lokpobiri, for his
security initiatives that have improved the daily crude oil production volume.”
Obele added that PETROAN would collaborate with NMDPRA and
industry players to drive growth and tackle challenges in Nigeria’s petroleum
industry.
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