Nigeria shouldn’t rely on crude oil imports to supply its refineries, says Abdulrazaq Isa, Chairman of the Independent Petroleum Producers Group (IPPG). Speaking at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit in Lagos, themed “Making Nigeria a Net Exporter of Petroleum Products,” Isa stressed the urgency of boosting local crude production and refining capacity.
He called on the government to fast-track pending divestments from International Oil Companies (IOCs) and improve security in the Niger Delta to reduce asset vandalism and unrest. According to Isa, these actions could unlock an additional 500,000 barrels of oil and 1.5 MMscf of gas daily, positioning Nigeria as a net exporter of refined petroleum products.
Isa, also CEO of Waltersmith Petroman Oil Ltd., emphasized the need for infrastructure upgrades and the implementation of the Domestic Crude Oil Supply Obligation (DCSO) to guarantee steady feedstock for local refineries, in line with the Petroleum Industry Act (PIA).
In his remarks, Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), echoed the importance of private-sector collaboration. He highlighted efforts to simplify licensing processes, reduce fees, and encourage Public-Private Partnerships (PPP) to expand refining capacity.
Ahmed underscored NMDPRA’s commitment to a transparent, competitive downstream market, advocating for subsidy removal and market liberalization to attract investments and position Nigeria as a global energy leader
Reference: The Guardian