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.
This was contained in a statement issued by the PETROAN spokesperson, Joseph Obele, yesterday.
According to the statement, Obele 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.
He said increased domestic production of petroleum products would reduce reliance on imported products and conserve foreign exchange (FX), adding that 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.
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).
Obele said the association commends the NMDPRA for its efforts in promoting local refining and reducing dependence on imported petroleum products.
