With 83 refinery licenses issued, PETROAN projects that Nigeria could become a full petroleum exporting nation within two years.
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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says Nigeria is on track to become a full petroleum exporter within two years, following the licensing of 83 refineries by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The licenses include 8 to operate, 30 to construct, and 45 to establish, with a combined refining capacity of over 1.1 million barrels per day.
“Prioritizing domestic refining will reduce fuel imports, save forex, and drive economic growth,” PETROAN President Billy Gillis Harry said at his 65th birthday in Abuja.
Petrol imports have dropped from 44.6 million litres daily in August 2024 to 14.7 million litres in April 2025. PETROAN praised NMDPRA, President Bola Tinubu, and Minister Heineken Lokpobiri for pushing reforms under the Petroleum Industry Act.