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Refine more, import less: CORAN pushes new roadmap for Nigeria’s energy security – EnviroNews
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The Crude Oil Refinery-Owners Association of Nigeria (CORAN) has called for stronger measures to ensure that domestic refineries have reliable access to crude oil, while urging the Federal Government to reduce petroleum-product imports and support the development of critical refining infrastructure.
Chairman of CORAN, Momoh Jimah Oyarekhua, made the call on Monday, September 28, 2026, in Lagos, while welcoming participants to the 3rd Nigeria Oil Refining Summit organised by the association.
Oyarekhua said Nigeria was at a defining moment in its petroleum industry, noting that the country must move beyond exporting crude oil and importing refined products to retaining greater value from its natural resources.
He said the focus of the summit was on how refining could create “real and lasting value” for the Nigerian economy by effectively linking the country’s upstream crude resources with downstream demand.
According to him, domestic refining has made significant progress and is increasingly transforming Nigeria’s fuel supply landscape, demonstrating what could be achieved when investment, policy and industry interests align.
However, he noted that challenges remained, particularly the difficulty faced by some domestic refineries in accessing crude oil on commercially viable terms.
Oyarekhua also expressed concern that petroleum-product imports were continuing despite available domestic refining capacity, saying the situation underscored the need for stronger alignment between crude producers and domestic refiners.
“Refining for value means more than producing fuel. It means retaining foreign exchange, creating jobs, developing local expertise, supporting petrochemicals and manufacturing, and capturing greater economic value within Nigeria,” he said.
To address the challenges, the CORAN chairman proposed a range of measures, including the full institutionalisation of the Naira-for-Crude initiative with transparent eligibility and access for qualifying domestic refineries, including modular refineries.
He also called for a domestic crude pricing template that takes into account crude quality, delivery points, avoided international logistics costs and actual domestic evacuation expenses.
Oyarekhua urged stronger enforcement of the Domestic Crude Supply Obligation under Section 109 of the Petroleum Industry Act, while maintaining commercially workable arrangements between producers and refiners.
He further advocated crude swaps and proximity-based supply arrangements to enable crude-producing assets located close to domestic refineries to supply those facilities without unnecessary transportation through distant export infrastructure.
Other priorities outlined by CORAN included the progressive reduction of petroleum-product imports, with imports increasingly limited to objectively determined domestic supply shortfalls and strategic-stock requirements.
The association also called for a Refinery Development Financing Framework providing long-term financing, guarantees and refinancing mechanisms for new refinery construction and capacity expansion.
Oyarekhua stressed the need for shared petroleum-product infrastructure, particularly pipelines, depots, storage terminals, jetties, rail evacuation systems and other common-carrier facilities.
He also proposed strategic petroleum-product reserves capable of cushioning temporary refinery shutdowns, maintenance periods and international supply disruptions.
According to him, regulatory and fiscal incentives should be provided for refinery expansion, particularly investments in conversion units capable of increasing domestic production of Premium Motor Spirit (PMS), aviation fuel, Liquefied Petroleum Gas (LPG) and other essential products.
He further called for a clear domestic refining roadmap setting national targets for refining capacity, domestic market share, petroleum-product imports and eventual export capacity.
Oyarekhua said Nigeria had already taken the difficult decision to reform the petroleum-products market and that the next stage of reform should be equally ambitious.
“The country must now support the refinery. Support the pipeline. Support the storage terminals,” he said.
He argued that Nigeria should not continue exporting crude and jobs while importing the same petroleum products at significant economic cost.
“Our crude must increasingly power our refineries. Our refineries must increasingly supply our market. And Nigeria must ultimately become a refining hub for Africa,” he said.
Oyarekhua said achieving these objectives would require sustained collaboration among crude producers, regulators, refiners, marketers, financiers, host communities and the media.
He urged participants at the two-day summit to move beyond speeches and communiqués and focus on practical solutions, measurable commitments and partnerships that would continue after the event.
“Let every stakeholder leave this room with a clear resolve to do one thing that moves Nigerian crude closer to Nigerian refineries, and Nigerian refineries closer to the needs of Nigerians,” he said.
The CORAN chairman said every barrel refined domestically had the potential to create jobs, expand opportunities for businesses, retain economic value within Nigeria and strengthen energy security.
He expressed optimism that sustained collaboration across the petroleum value chain could transform Nigeria from a major crude oil producer into a leading refining and industrial hub in Africa.
Oyarekhua concluded with a call for a renewed national commitment to domestic refining, saying: “Refine more. Import non. Create more value. Create more jobs. Build a stronger Nigeria.”
The 3rd Nigeria Oil Refining Summit brings together stakeholders across Nigeria’s oil and gas value chain to deliberate on the future of domestic refining and the role of refineries in strengthening energy security and economic development.