Stakeholders To Address Domestic Refining Challenges

Key manufacture operators volition stock insights into challenges facing home crude lipid refining successful the state astatine the upcoming 2nd Nigeria Refining Summit, which the Crude Oil Refinery Owners Association of Nigeria (CORAN) is hosting.

The signifier is getting acceptable for the landmark gathering arsenic Engr. Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), headlines the powerhouse lineup of confirmed speakers during the event.

Joining him are; Nkechi Obi, radical managing manager of TechnoOil; Temi Omatseye, enforcement president of Polmaz Logistics and erstwhile manager wide of NIMASA; Dr Ibilola Amao, main advisor of Lonadek Global Services; and Begna Gebreyes, the caput of Heavy Industries, Telecoms & Technology (HITT) astatine Africa Finance Corporation— alongside different vigor leaders.

The acme volition unite policymakers, regulators, investors, and operators to illustration a way toward transforming Nigeria into a self-sufficient refining powerhouse and a determination substance supplier of choice.

Despite producing implicit 1.4 cardinal barrels of crude lipid daily, helium said, Nigeria spends much than $10 cardinal annually connected substance imports. Summit’s ngo is to accelerate the displacement from dependence to dominance by boosting refining capacity, ensuring sustainable crude supply, and aligning operations with planetary biology standards.

“Momentum is already building. The Dangote Refinery present runs astatine much than 70 per cent capacity, portion Aradel, Waltersmith, and OPAC modular refineries show the agility of smaller-scale solutions. With BUA’s 200,000 bpd Akwa Ibom refinery and the rehabilitation of Port Harcourt and Warri plants connected track, Nigeria could surpass 1 cardinal barrels per time of refining capableness by 2027 — a milestone that would decisively extremity substance import reliance.”

Refining is nary longer a nationalist aspiration; it’s a shared ngo for Nigeria’s vigor future, said CORAN chairman, Engr. Momoh Oyarekhua, adding that, “by combining the strengths of mega-refineries, modular facilities, and state-owned assets, we volition not lone execute self-sufficiency but presumption Nigeria arsenic the refining hub of Africa.”

The refining assemblage promises hundreds of thousands of jobs, caller concern worth chains, and billions successful GDP growth. With argumentation enactment and capitalist confidence, Nigeria could look arsenic West Africa’s starring substance supplier, serving a marketplace worthy implicit $20 cardinal annually.

The Summit’s Strategic Dialogue volition convene cardinal players to code crude proviso bottlenecks, research fiscal incentives, and foster public-private partnerships. Inspired by planetary occurrence stories similar India’s Jamnagar refinery analyzable and Indonesia’s enlargement drive, participants volition trade strategies tailored to Nigeria’s unsocial strengths and challenges.

CORAN 2025 volition not lone beryllium a league — it volition beryllium a catalyst for transformation. By drafting unneurotic visionaries crossed the vigor spectrum, the Summit volition specify a roadmap for Nigeria’s refining assemblage to present vigor security, economical prosperity, and determination leadership.