Marketers Project Date That Nigeria Will Become A Net Exporter Of Petroleum
- The project to make Nigeria self-sufficient in petroleum production is becoming more achievable by the day
- Petrol marketers in Nigeria have projected a likely date Nigeria will become a net exporter of petroleum products
- They have also listed out the factors in place to contribute to this target, and explained what NNPC must do
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
Petroleum marketers under the aegis of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have projected when Nigeria will achieve enough self-sufficiency to become an exporter of petroleum.
According to the National President of the group, Dr. Billy Gillis Harry, local refining is growing and by the next two years, Nigeria should achieve self-sufficiency and become a net exporter of petroleum products.
The projection is also hinged on the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s (NMDPRA) target of licensing 83 refineries across the country, and reaching a total refining capacity beyond 1.1 million barrels daily.
Source: Getty Images
NMDPRA targets that this will give Nigeria 45 refineries with License to Establish (LTE), 30 refineries with Licenses to Construct (LTC), and 8 refineries with Licenses to Operate (LTO).
Recall that petrol imports have declined from a daily average of 44.6 million litres in August 2024 to 14.7 million litres in April 2025, an indication that local refining has increased to fill the vacuum.
Petrol marketers urge NNPC to supply crude oil
Dr. Billy Gillis Harry added that for this goal to be achieved, the Nigerian National Petroleum Corporation (NNPC) must ensure that the local refineries always get the crude oil supply they need to stay in business.
In recent Legit.ng reports, experts lamented that while local refineries are starved of feedstock, oil producers continue to export crude in violation of Nigeria’s laws.
Meanwhile, some of Nigeria's crude oil was reportedly stranded at sea in the search for buyers.
With the Dangote Refinery attaining full capacity in a couple of months, and NNPC refineries in Port Harcourt, Warri, Kaduna and other modular refineries in the country, the demand for crude oil is hitting the roof, and there are projections that Nigeria’s total refining capacity would reach 1.5 million barrels daily by the end of 2025.
Dr. Harry noted that this would increase local production, create jobs, increase output available for export, and help Nigeria conserve foreign exchange, according to Leadership news.
Source: UGC
He added that when the refineries attain optimal capacity, it would mark a significant contribution to Nigeria’s GDP and eliminate the need to import petroleum.
Nigeria imports 47,000 bpd of crude despite exports
In related news, Legit.ng reported that Nigeria imported about 47,000 barrels of crude oil daily in 2024, despite being a major exporter of the same product.
The report also showed that the Dangote Refinery consumed 13% of Nigeria’s crude oil exports and domestic supply in 2024.
This report fuels the narratives that Nigerian refineries still depend on crude oil imports to keep up operations, as the NNPC continues to export the bulk of its products.
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Source: Legit.ng
