Gladness Gideon
The Petroleum Merchandise Retail Shops House owners Affiliation of Nigeria (PETROAN) has projected that Nigeria is on target to turning into a internet exporter of petroleum merchandise throughout the subsequent two years, marking a major shift within the nation’s vitality panorama.
The daring projection was made by PETROAN President, Dr. Billy Harry, throughout a celebration to mark his sixty fifth birthday in Abuja.
In keeping with a press release launched by PETROAN spokesperson, Joseph Obele, on Tuesday, Harry expressed optimism concerning the nation’s refining capability and lauded the progress made in home petroleum manufacturing.
He emphasised that for Nigeria’s refineries to stay operational and worthwhile, a constant and enough allocation of crude oil have to be ensured.
“And not using a regular provide of crude to native refineries, sustainability turns into tough,” he famous.
The optimism surrounding Nigeria’s refining future is buoyed by current regulatory developments. On April 16, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed that it had granted 47 licences to determine (LTE) refineries throughout the nation. Moreover, eight refineries have obtained licences to function (LTO), whereas 30 others maintain licences to assemble (LTC).
Harry highlighted that elevated home refining will sharply scale back the nation’s dependency on gasoline imports, conserving overseas trade and strengthening the naira. He added that the resurgence of native refining actions would additionally increase employment, stimulate {economic} exercise, and considerably contribute to Nigeria’s GDP.
Obele, talking on behalf of PETROAN, praised NMDPRA’s management underneath Engr. Farouk Ahmed for fostering transparency and attracting investor confidence within the sector.
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He pointed to a dramatic 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 — as proof of the sector’s transformation.
“We commend the CEO of NMDPRA, Engr. Farouk Ahmed, for his strategic management and the reforms which might be reshaping our business,” Obele mentioned. “Investor confidence is rising, and we’re seeing actual progress on the bottom.”
PETROAN additionally prolonged appreciation to President Bola Ahmed Tinubu for what it described as a “visionary method” to petroleum sector reform, crediting his administration’s coverage route for creating an enabling surroundings for development.
Moreover, the affiliation acknowledged Senator Heineken Lokpobiri, the Minister of Petroleum Resources, for implementing safety initiatives which have enhanced each day crude oil manufacturing volumes throughout the nation.
Trying forward, PETROAN reaffirmed its dedication to partnering with NMDPRA and different key stakeholders to sort out the challenges dealing with Nigeria’s petroleum business and to speed up the tempo of reform.
“With the best assist and collaboration, Nigeria can absolutely unlock its refining potential,” the assertion concluded.
