Gladness Gideon
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has projected that Nigeria is on course to becoming a net exporter of petroleum products within the next two years, marking a significant shift in the country’s energy landscape.
The bold projection was made by PETROAN President, Dr. Billy Harry, during a celebration to mark his 65th birthday in Abuja.
According to a statement released by PETROAN spokesperson, Joseph Obele, on Tuesday, Harry expressed optimism about the nation’s refining capacity and lauded the progress made in domestic petroleum production.
He emphasized that for Nigeria’s refineries to remain operational and profitable, a consistent and sufficient allocation of crude oil must be ensured.
“Without a steady supply of crude to local refineries, sustainability becomes difficult,” he noted.
The optimism surrounding Nigeria’s refining future is buoyed by recent regulatory developments. On April 16, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed that it had granted 47 licences to establish (LTE) refineries across the country. Additionally, eight refineries have received licences to operate (LTO), while 30 others hold licences to construct (LTC).
Harry highlighted that increased domestic refining will sharply reduce the nation’s dependency on fuel imports, conserving foreign exchange and strengthening the naira. He added that the resurgence of local refining activities would also boost employment, stimulate economic activity, and significantly contribute to Nigeria’s GDP.
Obele, speaking on behalf of PETROAN, praised NMDPRA’s leadership under Engr. Farouk Ahmed for fostering transparency and attracting investor confidence in 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 evidence of the sector’s transformation.
“We commend the CEO of NMDPRA, Engr. Farouk Ahmed, for his strategic leadership and the reforms that are reshaping our industry,” Obele said. “Investor confidence is rising, and we are seeing real progress on the ground.”
PETROAN also extended appreciation to President Bola Ahmed Tinubu for what it described as a “visionary approach” to petroleum sector reform, crediting his administration’s policy direction for creating an enabling environment for growth.
Furthermore, the association recognized Senator Heineken Lokpobiri, the Minister of Petroleum Resources, for implementing security initiatives that have enhanced daily crude oil production volumes across the country.
Looking ahead, PETROAN reaffirmed its commitment to partnering with NMDPRA and other key stakeholders to tackle the challenges facing Nigeria’s petroleum industry and to accelerate the pace of reform.
“With the right support and collaboration, Nigeria can fully unlock its refining potential,” the statement concluded.