The Petroleum Products Retail Outlets Owners Association of Nigeria has projected that Nigeria will transition into a net petroleum exporter within the next two years. This optimistic forecast comes as the Nigerian Midstream and Downstream Petroleum Regulatory Authority has issued 47 licenses to establish refineries, eight licenses to operate, and 30 licenses to construct refineries across the country.
PETROAN President Billy Harry emphasized that sufficient crude oil must be set aside for these refineries to remain viable. The association highlighted the significant decline in petrol imports from 44.6 million liters per day in August 2024 to just 14.7 million liters per day by April 13, 2025, as evidence of progress toward self-sufficiency.
“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,” said Joseph Obele, PETROAN’s spokesperson. The association pledged to collaborate with regulators and industry players to drive growth in Nigeria’s petroleum sector.
Source: thecable.ng
