Nigeria to become net petroleum exporter in 2 years – PETROAN

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has projected that Nigeria will become a net petroleum export nation within the next two years. According to the association’s spokesperson, Joseph Obele, this development is expected to boost the country’s economy.

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“We commend the Chief Executive Officer of NMDPRA, Engr. Farouk Ahmed, for the innovation and transparency his office is bringing, which has attracted investors and boosted confidence in the sector,” Obele said in a statement. He also commended President Bola Tinubu “for his leadership and vision in transforming the petroleum industry.”

The association noted that increased domestic production of petroleum products would reduce reliance on imported products and conserve foreign exchange, leading to job creation and economic growth. “The creation of jobs and stimulation of economic growth would follow, as local refineries would be able to operate at optimal capacity and contribute significantly to Nigeria’s GDP,” Obele added

PETROAN commended the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for issuing licenses to establish, operate, and construct refineries across the country. The association noted that the significant decline in petrol imports from 44.6 million litres per day in August 2024 to 14.7 million litres per day by April 13, 2025, is a testament to the success of NMDPRA’s efforts.

“We appreciate the efforts of the Office of the Honourable Minister of Petroleum Resources, Senator Heineken Lokpobiri, for his security initiatives that have improved the daily crude oil production volume,” Obele said. He added that PETROAN would collaborate with NMDPRA and industry players to drive growth and tackle challenges in Nigeria’s petroleum industry.

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