In a bold forecast for the future of Nigeria’s energy sector, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced that the country is on track to become a full-fledged petroleum exporting nation within two years.
This optimistic projection follows a significant milestone reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)—the licensing of 83 refineries across the country, boasting a combined refining capacity of 1,124,500 barrels per day.
According to NMDPRA, the breakdown of the current refinery licenses is as follows:
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8 refineries with Licenses to Operate (LTO)
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30 refineries with Licenses to Construct (LTC)
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45 refineries with Licenses to Establish (LTE)
Local Refining to Boost Economy and Reduce Imports
Billy Gillis Harry, National President of PETROAN, emphasized that making crude oil readily available for local refineries is critical to sustaining this momentum.
“If these refineries are to function effectively, then there must be a guaranteed supply of crude oil set aside for local processing,” he stated.
Harry highlighted two transformative benefits of supporting domestic refineries:
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Reduced dependency on imported petroleum products, which conserves Nigeria’s foreign exchange reserves.
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Job creation and economic stimulation, as local refineries ramp up operations and contribute more significantly to the nation’s GDP.
“This achievement is a strong signal that Nigeria’s oil sector is becoming increasingly attractive to investors,” Harry noted, commending NMDPRA CEO Farouk Ahmed for his innovative and transparent leadership.
Imports Decline as Local Capacity Rises
PETROAN applauded the NMDPRA for its efforts in promoting local refining, which is already showing tangible results. A dramatic drop in fuel imports is evidence of the sector’s transformation:
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In August 2024, Nigeria imported 44.6 million litres of petrol daily.
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By April 13, 2025, daily imports had fallen to just 14.7 million litres.
This sharp decline demonstrates growing self-sufficiency in domestic fuel production and the effectiveness of policies driving the change.
A New Era for Nigeria’s Petroleum Sector
With the continued support of regulatory bodies and the right investment climate, Nigeria is poised to move from a petroleum-importing nation to a major exporter within just two years.
As PETROAN and NMDPRA align efforts to bolster local capacity, the country stands on the cusp of energy independence, stronger economic resilience, and greater global relevance in the oil and gas market.
