Nigeria's Refineries Face Crunch as Demand Surpasses Production

Nigeria's domestic refineries may require more than 1.5 million barrels of crude oil per day in the medium term, according to the Independent Petroleum Producers Group (IPPG).

Chairman of IPPG and MD/CEO of Aradel Holdings Plc, Mr Adegbite Falade, made this prediction at the third Nigeria Oil Refining Summit (NORS) 2026 in Lagos.

Nigeria's liquid production stood at about 1.68 million bpd as of August, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Falade emphasized that meeting rising refinery demand would require corresponding growth in crude production and conversion of reserves to sustained production.