Crude oil refinery owners seek end to petroleum products imports
The Crude Oil Refinery-Owners Association of Nigeria has urged the Federal Government to end petroleum product imports and maximise domestic refining capac Read More: https://punchng.com/crude-oil-refinery-owners-seek-end-to-petroleum-products-imports/
The Crude Oil Refinery-Owners Association of Nigeria (CORAN) has called for an end to unnecessary petroleum-product imports. At the 3rd Nigeria Oil Refining Summit held in Lagos, CORAN's Chairman, Momoh Oyarekhua, urged the Federal Government to maximize domestic refining capacity and position Nigeria as a major exporter of refined products in Africa.
Oyarekhua argued that Nigeria should shift from exporting crude oil and importing refined products to becoming a refining hub for Africa. He emphasized that domestic refineries need reliable access to crude oil, improved pipelines, and storage infrastructure. CORAN also advocated for greater investment in these areas and the full institutionalization of the Naira-for-Crude initiative.
The association proposed eliminating petroleum-product imports once domestic refining capacity meets national demand and generates surpluses for export.
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