Refinery Owners Seek End to Petroleum Product Imports

The Crude Oil Refinery-Owners Association of Nigeria CORAN has called on the Federal Government to end unnecessary petroleum product imports and maximise domestic refining capacity.

The association’s Chairman, Momoh Oyarekhua, made the call while presenting CORAN’s 10-point agenda at the 3rd Nigeria Oil Refining Summit in Lagos.

Oyarekhua said petroleum-sector reforms should focus on optimising existing refineries, improving infrastructure and developing an export-oriented refining industry.

He said Nigeria should increasingly use its crude oil to supply local refineries, meet domestic demand and eventually become a major refining hub for Africa.

According to him, domestic refineries must have reliable access to crude oil on commercially viable terms to operate efficiently.

He also called for greater investment in pipelines, storage terminals, depots, jetties and rail systems to improve the movement of crude and refined petroleum products.

Oyarekhua said increased domestic refining would create jobs, retain foreign exchange within the country, develop local expertise and support the growth of petrochemical and manufacturing industries.

As part of its proposals, CORAN called for the full institutionalisation of the Naira-for-Crude initiative and the introduction of a domestic crude pricing template that takes account of crude quality, delivery points and domestic evacuation costs.

The association also advocated long-term financing and refinancing mechanisms to support refinery expansion and upgrades.

It proposed the progressive elimination of petroleum product imports as domestic refining capacity becomes sufficient to meet national demand and produce surpluses for export.

Oyarekhua said the country needed to move away from a system in which it exported crude oil while importing refined products, arguing that greater local refining would allow Nigeria to capture more economic value from its natural resources.

He said the development of a strong domestic refining industry would also strengthen energy security and provide a foundation for wider industrial development.

The association’s position comes as domestic refineries have increased their contribution to Nigeria’s petrol supply. Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that domestic refineries supplied about 74.9 per cent of the country’s petrol between January and July 2026, while imports accounted for 25.1 per cent.