REFINERY OWNERS DEMAND END TO PETROLEUM IMPORTS
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By:Aminat Tajudeen
The Crude Oil Refinery-Owners Association of Nigeria (CORAN) has called for an end to unnecessary imports of petroleum products, urging the Federal Government to maximise domestic refining capacity and transform Nigeria into a major exporter of refined products across Africa.
CORAN Chairman, Momoh Oyarekhua, made the call while presenting the association’s 10-point agenda at the 3rd Nigeria Oil Refining Summit held at Eko Hotel, Lagos, on Monday.
Oyarekhua said reforms in the petroleum sector should prioritise the optimisation of existing refineries, improved infrastructure and the development of an export-driven refining industry.
He said Nigeria had for decades relied on exporting crude oil while importing refined petroleum products, but argued that the country should now use its crude resources to support domestic refining and economic development.
According to him, domestic refineries should increasingly process Nigerian crude, meet local demand and eventually position the country as a refining hub for Africa.
Oyarekhua stressed the need to ensure that local refineries have consistent access to crude oil on commercially viable terms to enable them to operate efficiently.
He also called for increased investment in pipelines, storage facilities and other critical infrastructure required to support the refining sector.
The CORAN chairman said strengthening domestic refining would create employment, reduce pressure on foreign exchange and support the growth of Nigeria’s petrochemical and manufacturing industries.
He noted that refining crude locally would go beyond producing fuel by helping the country retain foreign exchange, develop local expertise and capture more value from its natural resources.
As part of its 10-point agenda, CORAN called for the full implementation of the Naira-for-Crude initiative and the adoption of a domestic crude pricing framework that takes into account crude quality, delivery locations and evacuation costs.
The association also advocated for the gradual elimination of petroleum-product imports once domestic refineries have sufficient capacity to meet national demand and produce surpluses for export.
It further proposed long-term financing and refinancing options to support refinery expansion and upgrades, alongside faster development of pipelines, storage terminals, depots, jetties and rail systems for product evacuation.
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