Refinery Owners Seek FG’s Intervention, Push for Naira-for-Crude Framework
Want commercially viable crude supplies for local facilities Dangote refinery to sign IPO today in race for Africa’s largest listing Emmanuel Addeh in Abuja The Crude Oil Refinery Owners Association of
Refinery owners in Nigeria have called on the government for urgent intervention to address structural constraints facing domestic refineries, warning that the country risks continuing to export its crude, jobs, and refining margins while remaining dependent on imports. The Crude Oil Refinery Owners Association of Nigeria (CORAN) has urged President Bola Tinubu to convene a Presidential Refining Industry Roundtable to develop a roadmap for the sector.
The association argues that despite Nigeria being one of Africa's largest crude oil producers, domestic refineries continue to face difficulties accessing feedstock at commercially viable rates. CORAN proposes a Naira-for-Crude framework to reduce foreign exchange exposure for refininers and establish a domestic crude pricing mechanism that considers transportation costs, crude quality, delivery points, and other factors.
The association also calls for institutionalising Naira-for-Crude as an industrialization policy and increasing long-term financing for refinery development and expansion.
Written by urgent.news from This Day's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
