CORAN Advocates Import Ban to Boost Nigeria's Refining Capacity

At the 3rd Nigeria Oil Refining Summit in Lagos, Momoh Oyarekhua, President of the Crude Oil Refinery Owners Association of Nigeria (CORAN), called for a progressive ban on petroleum product imports and the full implementation of the Naira-for-Crude policy to bolster local refining. This comes after the Federal High Court in Abuja ordered the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue granting import licenses to eligible oil marketers.

Oyarekhua emphasized the need for Nigeria to utilize its crude oil for domestic refineries instead of exporting it and importing refined products. He proposed a new domestic crude pricing template and stronger enforcement of the Domestic Crude Supply Obligation under the Petroleum Industry Act.

Additionally, he suggested a Refinery Development Financing Framework and investment in shared infrastructure. Adegbite Falade, Chairman of the Independent Petroleum Producers Group (IPPG), noted that increasing crude production and protecting evacuation infrastructure are essential for supplying domestic refineries.