In recent discussions surrounding Nigeria’s domestic economy, particularly within the oil and gas sector, experts have emphasized the need for strategic reforms to enhance local refining capabilities.
Dr. Bala Zakka, a Port Harcourt-based energy analyst, highlighted that major importers from Nigeria inadvertently promote a cycle of dependency by favoring crude oil exports over domestic refining.
He stated, “By prioritizing policies that reduce importation, President Trump could stimulate increased refining in Nigeria and other African nations.
Expanding our refining capacity is essential for creating more value-added petroleum products that can bolster the economy.”Echoing this sentiment, the National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN) urged a comprehensive review of the nation’s economic strategies. “Every nation continuously assesses its environment and takes measures to foster growth; Nigeria must do the same to lessen its reliance on oil and other economies,” he asserted.
In a positive development for consumers, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has assured the public that the upcoming operations of the Dangote Refinery, alongside the NNPC Limited-owned Port Harcourt refinery, will facilitate a steady supply of petrol during the festive season. Dr. Joseph Obele, PETROAN’s National Public Relations Officer, announced that a petrol supply agreement with the 650,000 barrels per day Dangote Refinery would help avert any potential shortages of premium motor spirit during this critical period.Dr. Obele credited the PETROAN distribution technical committee with executing a robust strategy to ensure zero fuel scarcity. “We are pleased that Nigerians will be able to travel seamlessly during this time of year,” he added.
The collaboration between PETROAN and Dangote Refinery has been marked by fruitful negotiations, as noted by Dr. Billy Gillis-Harry, the National President of PETROAN, who led a successful strategic meeting with Dangote Refinery’s management on December 2, 2024.
The association celebrated the completion of this transaction, which followed a successful buyer-seller negotiation.Dr. Gillis-Harry expressed gratitude towards Mr. Devakumar V. G. Edwin, Vice President of Dangote Group and Managing Director of Dangote Refinery, for his cooperation and the effective strategies implemented to ensure the availability of petroleum products for Nigerians during the festive season and beyond.