The Nigerian government has approved refining licenses for 83 companies with a combined refining capacity of 1,124,500 barrels, according to Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Ahmed revealed that eight refineries have received Licenses to Operate (LTO), 30 have been issued Licenses to Construct (LTC), and 40 have obtained Licenses to Establish (LTE).
Speaking at a press conference at the Presidential Villa in Abuja, Ahmed announced that Nigeria has recorded a significant decline in Premium Motor Spirit (PMS) imports, dropping from 44.6 million liters per day in August 2024 to just 14.7 million liters per day by April 13, 2025—a reduction of nearly 30 million liters daily.
The NMDPRA attributed this sharp decline to increased production from domestic refineries, particularly the gradual restart of the Port Harcourt Refining Company and contributions from modular refinery operators.
Ahmed also noted that the recent tariff imposition by United States President Donald Trump has contributed to the recent slump in global crude oil prices, warning that Trump’s protectionist trade policies are fueling uncertainty in international oil markets.
Source: dailytrust.com
