The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has forecast that Nigeria will emerge as a full-fledged petroleum exporting country within the next two years.
This optimistic projection comes in the wake of the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s (NMDPRA) announcement of a significant milestone for licensing of 83 refineries nationwide, boasting a combined refining capacity of 1,124,500 barrels per day.
According to the NMDPRA, the licenses issued include eight refineries granted Licenses to Operate (LTO), 30 with Licenses to Construct (LTC), and 45 with Licenses to Establish (LTE).
This was revealed in a statement released by the PETROAN National President, Billy Gilly Harry.
Harry emphasized on the need for steady crude oil supply to domestic refineries.
He said, “Creation of jobs and stimulation of economic growth, as local refineries would be able to operate at optimal capacity and contribute significantly to Nigeria’s GDP.
“This achievement is a clear indication that the oil sector in Nigeria is becoming increasingly attractive to investors. We commend the Chief Executive Officer of NMDPRA, Farouk Ahmed, for the innovation and transparency his office is bringing, which has attracted investors and boosted confidence in the sector.”
PETROAN commended the NMDPRA for promoting local refining and reducing dependence on imported petroleum products.
“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 this initiative,”
