CORAN Calls for Presidential Action on Refining Challenges

The Crude Oil Refinery Owners Association of Nigeria (CORAN) has urged for immediate presidential intervention to tackle structural challenges facing domestic refiners, warning that Nigeria risks continued exportation of crude oil and reliance on imported petroleum products. CORAN proposed the convening of a Presidential Refining Industry Roundtable, involving refiners, regulators, crude producers, the Nigerian National Petroleum Company Limited (NNPC), financial institutions, and relevant government ministries to create a roadmap for the sector.

The association emphasized the need for commercially viable crude supplies and the institutionalization of the Naira-for-Crude initiative, which they consider essential for reducing foreign exchange exposure for domestic refiners. CORAN highlighted that despite improved crude supplies in the second quarter of 2026, access to feedstock remains a challenge.

They proposed a domestic crude pricing mechanism that considers various costs associated with crude supply and reiterated the importance of a transparent framework for domestic refineries to access Nigerian crude and transact in naira.