Nigeria’s Energy Sector Becoming More Attractive To Investors — PETROAN
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has projected that Nigeria will become a full petroleum-exporting nation within the next two years as the oil and gas sector is becoming more attractive to investors.
PETROAN National President, Billy Gillis Harry, said this in a statement on Tuesday.
He stressed the importance of ensuring crude oil availability for the licensed refineries to remain viable.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had recently licensed 83 refineries with a combined refining capacity of 1,124,500 barrels per day.
According to the NMDPRA, the licences include eight refineries with Licences to Operate (LTO), 30 with Licences to Construct (LTC), and 45 with Licences to Establish (LTE).
Harry stated that for the refineries to remain in business, adequate provision must be made for a sufficient volume of crude oil to be set aside for them.
Describing the progress as a positive indicator of investor confidence, he added, “This achievement is a clear indication that the oil sector in Nigeria is becoming increasingly attractive to investors. We commend the Chief Executive Officer of NMDPRA, Farouk Ahmed, for the innovation and transparency his office is bringing, which has attracted investors and boosted confidence in the sector.”
PETROAN also commended the NMDPRA for championing local refining efforts, pointing to the steep drop in petroleum imports as evidence of success.
“The significant decline in petrol imports from 44.6 million litres per day in August 2024 to 14.7 million litres per day by April 13, 2025, is a testament to the success of this initiative,” the statement reads.
Nigeria’s Energy Sector Becoming More Attractive To Investors — PETROAN is first published on The Whistler Newspaper