CORAN Advocates for Oil Windfall Reinvestment in Refining

The Crude Oil Refiners Association of Nigeria (CORAN), represented by spokesman Ech Idoko, has called for the Nigerian government to reinvest oil windfall revenues to bolster domestic refining capacity. The association warns that enhancing local refining is a strategic necessity for the country, especially given the ongoing crisis in the Middle East, which has led to increased crude prices and consequently higher pump prices for petroleum products.

CORAN highlights that while Nigeria benefits from rising revenues due to these price increases, it is crucial to develop local refining capabilities to retain economic value. The group advocates for the establishment of a domestic refinery development fund to support new projects and expand existing capacities, emphasizing the importance of indigenous crude suppliers.

CORAN also calls for targeted incentives, regulatory clarity, and policies to protect local refining capacity, aiming to ensure energy security and stabilize prices in Nigeria's economy.