Nigeria will become net petrol exporter within two years, says PETROAN

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has projected that Nigeria will transition into a net petroleum export nation within the next two years.

Billy Harry, PETROAN President, spoke during his 65th birthday celebration in Abuja on Monday, according to Joseph Obele, PETROAN’s spokesperson, in a statement issued on Tuesday.

On April 16, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the agency had issued 47 licences to establish (LTE) refineries across the country.

NMDPRA also issued eight refineries licences to operate (LTO), and 30 refineries with licences to construct (LTC).

Harry noted 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.

The PETROAN president said increased domestic production of petroleum products would reduce reliance on imported products and conserve foreign exchange (FX).

He further said the creation of jobs and stimulation of economic growth would follow, as local refineries would be able to operate at optimal capacity and contribute significantly to Nigeria’s GDP.

PETROAN LAUDS NMPDRA FOR PROMOTING LOCAL REFINING

Obele said the association commends the NMDPRA for its efforts in promoting local refining and reducing dependence on imported petroleum products.

He explained that 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 the effort.

“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,” the spokesperson said.

“We also commend His Excellency, President Bola Tinubu, for his leadership and vision in transforming the petroleum industry. His commitment to creating a conducive environment for growth and development has yielded positive results, and we look forward to continued collaboration and progress.

“Furthermore, we appreciate the efforts of the Office of the Honourable Minister of Petroleum Resources, Senator Heineken Lokpobiri, for his security initiatives that have improved the daily crude oil production volume.”

Obele added that PETROAN would collaborate with NMDPRA and industry players to drive growth and tackle challenges in Nigeria’s petroleum industry.