The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Chief Executive, Farouk Ahmed, will lead a lineup of industry leaders as keynote speakers at the 2nd Nigeria Refining Summit, organised by the Crude Oil Refinery Owners Association of Nigeria (CORAN).
Other speakers include the Group Managing Director of TechnoOil, Nkechi Obi; the Executive Chairman of Polmaz Logistics and former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Temi Omatseye; the Principal Consultant at Lonadek Global Services, Dr Ibilola Amao, and the Head of Heavy Industries, Telecoms & Technology (HITT) at Africa Finance Corporation, Begna Gebreyes.
The summit, scheduled to bring together policymakers, regulators, investors, and operators, is aimed at repositioning Nigeria as a self-sufficient refining powerhouse and a regional supplier of petroleum products.
Despite producing over 1.4 million barrels of crude oil daily, Nigeria spends more than $10 billion yearly on fuel imports.
The gathering is expected to accelerate the transition from dependence to dominance by boosting refining capacity, ensuring sustainable crude supply, and aligning operations with global environmental standards.
Recent developments in the sector highlight Nigeria’s refining potential. The Dangote Refinery currently operates above 70 per cent capacity, while modular refineries such as Aradel, Waltersmith, and OPAC are demonstrating the flexibility of smaller-scale solutions. With the upcoming 200,000 barrels per day (bpd) BUA refinery in Akwa Ibom and ongoing rehabilitation of the Port Harcourt and Warri plants, Nigeria could surpass one million bpd in refining capacity by 2027 — a milestone projected to end reliance on fuel imports.
CORAN Chairman, Momoh Oyarekhua, said refining is no longer a national aspiration; it’s a shared mission for Nigeria’s energy future.
“By combining the strengths of mega-refineries, modular facilities, and state-owned assets, we will not only achieve self-sufficiency but position Nigeria as the refining hub of Africa,” he said.
Industry experts estimate that the refining sector could unlock hundreds of thousands of jobs, stimulate new industrial value chains, and add billions to GDP growth. With supportive policies and strong investor confidence, Nigeria is poised to emerge as West Africa’s leading fuel supplier, serving a market worth over $20 billion yearly.
