The National President of the Petroleum Products Retail Outlet Owners Association, Billy Gillis-Harry, has said that the 83 refinery licences granted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority are an indication that Nigeria is attractive to investors in the oil and gas sector.
Gillis-Harry disclosed this in a statement after his 65th birthday on Tuesday in Abuja.
According to the statement made available to Media Talk Africa by PETROAN’s spokesperson, Joseph Obele, the oil stakeholder said the licensed refineries will boost the country’s refining capacity to a combined total of 1,124,500.
He emphasised the importance of making crude oil available for local refineries, noting that if the refineries must remain in business, adequate provision must be made for a sufficient volume of crude oil to be set aside for them.
“This achievement is a clear indication that the oil sector in Nigeria is becoming increasingly attractive to investors.
PETROAN further lauded key players role in the significant decline in petrol imports from 44.6 million litres per day in August 2024 to 14.7 million litres per day by April 13, 2025.
“It is a testament to the success of this initiative. As we move forward, PETROAN will continue to collaborate with the NMDPRA and other industry players to address challenges and capitalise on emerging opportunities.
“We are confident that Nigeria’s petroleum industry will experience significant growth and transformation in the coming years,” he stated.
The breakdown of refinery licences includes 8 refineries with Licences to Operate (LTO), 30 refineries with Licences to Construct (LTC), and 45 refineries with Licences to Establish (LTE).
