Refinery owners urge FG to curb fuel imports, back local refineries

The Crude Oil Refinery Owners Association of Nigeria (CORAN) has urged the Federal Government to strengthen the domestic refining industry and reduce the country's dependence on imported petroleum products. The association cited various challenges faced by local refinery operators, including foreign-exchange pressures, high borrowing costs, limited access to long-tenor financing, crude supply challenges, inadequate infrastructure, and high logistics costs.

CORAN argued that Nigeria's case for government intervention is stronger than that of the United States, where President Donald Trump recently intervened in the refining sector. The association expressed concern that Nigeria, despite being one of Africa's largest crude oil producers, continues to face difficulties in supplying crude to domestic refineries on commercially viable terms.

They noted that in the first quarter of 2026, while 68.7 million barrels were offered by producers, only 28.5 million barrels were delivered to refineries.

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