He regretted that for years, the absence of functional refineries led to a proliferation of fake petroleum products, posing significant risks to consumers.

Obele stated that the demand for fake products has decreased with the availability of original diesel and kerosene, a situation that has also reduced the risk of explosions and equipment damage.

“The refineries’ functionality has also contributed to a decrease in crude oil theft, which has hindered Nigeria’s ability to meet OPEC production targets. As crude oil production increases, Nigeria is expected to generate more revenue and stabilize the naira.

“The revitalized refineries have created job opportunities, with deserted depots now bustling with activity. The host communities are also benefiting from empowerment programs, which are expected to positively impact insecurity and crime rates in the region,” he said.

According to PETROAN, the operationalization of the Port Harcourt and Warri refineries is also expected to boost Nigeria’s economic growth by increasing the availability of petroleum products, reducing dependence on imports, and generating additional revenue for the government.

He stated that the situation would have a positive impact on the country’s Gross Domestic Product (GDP) and overall economic development.

“Additionally, the refineries’ functionality will also enhance Nigeria’s energy security, reduce the pressure on foreign exchange, and create a stable supply chain for petroleum products. This will have a ripple effect on various sectors of the economy, including transportation, manufacturing, and agriculture, ultimately leading to improved economic productivity and competitiveness.”