The Federal Government has reaffirmed its commitment to strengthening indigenous refining as part of efforts to ensure energy security, reduce production costs, and drive growth for small and medium enterprises (SMEs) across Nigeria.
Minister of State for Petroleum Resources, Heineken Lokpobiri, said this at the 2025 Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit in Lagos, themed "Refinery – Key to Energy Security in Africa."
Represented by his Technical Adviser, Ndah Adaba, Lokpobiri explained that the government's Naira-for-crude policy would continue to support local refiners by reducing exposure to foreign exchange volatility and ensuring affordable energy for industries and SMEs.
He said that under President Bola Tinubu's Renewed Hope Agenda, indigenous refining remains a key driver of industrial revitalisation and job creation, citing projects like Dangote Refinery, Waltersmith Petroman Refinery, and Aradel Holdings as proof of local capacity.
Read also,
"The path to Africa's energy security runs through our local refineries. By refining what we produce, we can power homes, factories, and small businesses sustainably," Lokpobiri said.
Also speaking, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, said the authority had created a transparent and investor-friendly regulatory framework to attract private investment and strengthen SME participation in the energy value chain.
He noted that NMDPRA's policies—such as Naira-denominated crude sales and accelerated project approvals—would ensure a stable supply of refined products and boost business competitiveness.
Ahmed added that the reforms aim to transform Nigeria from a crude exporter to a net exporter of refined products, while enabling small manufacturers and service providers to access reliable energy for expansion.
No comments:
Post a Comment