The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has projected that Nigeria would become a full petroleum exporting nation in two years.

This followed the announcement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on its recent milestone of licensing 83 refineries with a combined total refining capacity of 1,124,500.

A breakdown of the licences includes eight refineries with Licences to Operate (LTO), 30 refineries with Licences to Construct (LTC), and 45 refineries with Licences to Establish (LTE).

In a statement yesterday, National President of PETROAN, Billy Gillis Harry, emphasised the importance of making crude oil available for local refineries.

He stated that if these refineries must remain in business, adequate provision must be made for a sufficient volume of crude oil to be set aside for them.

Harry highlighted two key benefits of making crude oil available for local refineries: “Increased domestic production of petroleum products, thereby reducing reliance on imported products and conserving foreign exchange.

“Creation of jobs and stimulation of economic growth, as local refineries would be able to operate at optimal capacity and contribute significantly to Nigeria’s GDP.”

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.”