The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) yesterday projected that with 83 licenses issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigeria will become a net exporter of petroleum products in two years.

Describing it as a milestone, the petroleum retailers explained that the 83 refineries will have a combined total refining capacity of 1,124, 500 barrels when fully operational.

The breakdown of the licenses, National President of PETROAN, Dr Billy Gillis-Harry, said, shows that there are eight facilities with Licenses to Operate (LTO); 30 refineries with Licenses to Construct (LTC) and 45 refineries with Licenses to Establish (LTE).

Speaking at his 65th birthday celebration in Abuja, Gillis-Harry emphasised the importance of making crude oil available to local refineries for them to thrive, a statement by the National Public Relations Officer, PETROAN, Dr Joseph Obele.

He stated that if these refineries must remain in business, adequate provision must be made for sufficient volume of crude oil to be set aside for them by producers.

Highlighting two key benefits of making crude oil available for local refineries, he stated that this will lead to increased domestic production of petroleum products, thereby reducing reliance on imported products and conserving foreign exchange.

In addition, Gillis-Harry emphasised that it will raise the creation of jobs and stimulate economic growth, as local refineries would be able to operate at optimal capacity and contribute significantly to Nigeria’s Gross Domestic Product (GDP).

“This achievement is a clear indication that the oil sector in Nigeria is becoming increasingly attractive to investors. We commend the Chief Executive Officer of NMDPRA, Farouk Ahmed, for the innovation and transparency his office is bringing, which has attracted investors and boosted confidence in the sector.

“We also commend President Bola Tinubu for his leadership and vision in transforming the petroleum industry. His commitment to creating a conducive environment for growth and development has yielded positive results, and we look forward to continued collaboration and progress,” Gillis-Harry stated.

Furthermore, PETROAN lauded the efforts of the Minister of Petroleum Resources, Senator Heineken Lokpobiri, for his ‘security initiatives’ that have improved the daily crude oil production volume.

It stated that efforts by the Nigerian authorities in promoting local refining and reducing dependence on imported petroleum products will continue to yield the needed results with consistency.

According to PETROAN, 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 this initiative.

“As we move forward, PETROAN will continue to collaborate with the NMDPRA and other industry players to address challenges and capitalise on emerging opportunities.  We are confident that Nigeria’s petroleum industry will experience significant growth and transformation in the coming years,” Gillis-Harry added.