Cut petroleum product imports, CORAN urges govt

The Crude Oil Refinery Owners Association of Nigeria has urged the Federal Government to take decisive action to strengthen the domestic refining industry and decrease the nation's reliance on imported petroleum products. The association made this demand in a position paper titled "Position Paper on the Urgent Need for Strategic Government Intervention to Strengthen Nigeria’s Domestic Refining Industry."

Drawing parallels with the recent intervention by the United States in its refining sector, the association argued that Nigeria has a more compelling case for government intervention, citing issues such as foreign-exchange pressures, high borrowing costs, limited access to long-term financing, crude supply difficulties, inadequate infrastructure, and high logistics costs faced by local refinery operators.