Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said the development of local refining capacity would position Nigeria as a global powerhouse.

He spoke at the maiden summit of the Crude Oil Refinery Owners Association of Nigeria (CORAN). The theme of the summit was :“Making Nigeria a Net Exporter of Petroleum Products”.

The summit discussed the future of Nigeria’s oil refining industry and its potential to drive economic growth and energy security.

Lokpobiri, who was represented by the Director Upstream, Ministry of Petroleum Resources Engr. Kamoru Busari, said that the summit’s theme was timely and essential as it provided a crucial platform for stakeholders to explore Nigeria’s midstream and downstream oil and gas sectors, fostering self-sufficiency in refined petroleum products.

“Refinery development is not just about infrastructure; it is about energy security, economic growth, and positioning Nigeria as a global refining powerhouse,” Lokpobiri stated.

Oyarekhua outlined Nigeria’s refining journey, highlighting early successes with the establishment of key refineries.

However, challenges like governance inefficiencies and unreliable crude supply have hampered growth, leaving Nigeria dependent on imported refined products. Despite an installed refining capacity of 1.122 million barrels per day (BPD), including new investments like the Dangote Refinery, utilization remains low.

CORAN proposed a comprehensive strategy to revitalize the sector, including securing sustainable feedstock supply, implementing regulatory reforms, integrating the value chain, and promoting new refinery investments.

THE NATION