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 position the country as a major exporter of refined products in 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 the Eko Hotel in Lagos on Monday.
He said petroleum-sector reforms should focus on optimising existing refineries, improving infrastructure, and building an export-oriented refining industry.
“For decades, Nigeria exported crude oil and imported refined products. Today, we in CORAN have changed that story by ensuring that our natural resources create jobs, industrial growth, energy security and prosperity for Nigerians,” Oyarekhua said.
“Our crude must increasingly power our refineries. Our refineries must supply our market. And Nigeria must ultimately become a refining hub for Africa. That should be the destination of petroleum-sector reform.”
Oyarekhua noted that some domestic refineries still face difficulties accessing crude oil on commercially viable terms despite the country’s abundant resources.
He called for greater investment in pipelines, storage terminals and related infrastructure.
“The country must now support the refinery. Support the pipeline. Support the storage terminals,” he said.
He added that increased domestic refining would create jobs, retain foreign exchange, develop local expertise and support petrochemical and manufacturing industries.
As part of its agenda, CORAN called for the full institutionalisation of the Naira-for-Crude initiative and a domestic crude pricing template that reflects crude quality, delivery points and evacuation costs.
The association also proposed the elimination of petroleum-product imports once domestic refining capacity is sufficient to meet national demand and generate surpluses for export.
It further recommended long-term financing mechanisms for refinery expansion and upgrades, alongside accelerated development of pipelines, storage terminals, depots, jetties and rail evacuation systems.
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