Nigeria's Refining Industry Seeks Progressive Import Ban and Domestic Supply Enforcement
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has called on the Federal Government to implement a progressive ban on petroleum product imports and enforce domestic crude supply obligations.
CORAN President Momoh Oyarekhua said that local refiners are struggling to secure crude oil on commercially viable terms, despite Nigeria's abundant resources.
Oyarekhua argued that Nigeria must transition from exporting crude oil and importing refined products at a heavy economic cost. He insisted that domestic crude must power local refineries to supply the national market, ultimately positioning Nigeria as a regional refining hub for Africa.
CORAN has proposed a fresh domestic pricing template that accurately reflects crude quality and delivery points while stripping out avoided international logistics costs. The association also suggested implementing crude swaps and nearness-based supply arrangements to reduce pipeline vandalism risks and lower evacuation expenses.