Uche Cecil Izuora
The National President of the Petroleum Products Retail Outlet Owners Association (PETROAN) Billy Gillis-Harry, has said that the 83 refinery licences granted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority are an indication that Nigeria is attractive to investors in the oil and gas sector.
Gillis-Harry, said the licensed refineries will boost the country’s refining capacity to a combined total of 1,124,500.
He also emphasized the importance of making crude oil available for local refineries, noting 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.
“This achievement is a clear indication that the oil sector in Nigeria is becoming increasingly attractive to investors.
PETROAN further lauded key players role in 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.
“It is a testament to the success of this initiative. As we move forward, PETROAN will continue to collaborate with the NMDPRA and other industry players to address challenges and capitalise on emerging opportunities.
“We are confident that Nigeria’s petroleum industry will experience significant growth and transformation in the coming years,” he stated.
The breakdown of refinery licences includes 8 refineries with Licences to Operate (LTO), 30 refineries with Licences to Construct (LTC), and 45 refineries with Licences to Establish (LTE).
Harry highlighted two key benefits of making crude oil available for local refineries: “Increased domestic production of petroleum products, thereby reducing reliance on imported products and conserving foreign exchange.
“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.”
The 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,” he added.