PETROAN Demands Binding Contracts for Revival of Nigeria's Idle Refineries

PETROAN, the Petroleum Products Retail Outlets Owners Association of Nigeria, has called on the Federal Government to establish binding technical agreements and guarantee crude oil supply for the sustainable revival of government-owned refineries.

The association's demand follows President Bola Tinubu's Independence Day address, in which he pledged to leverage Nigeria's vast gas resources to power new industries and stimulate economic growth.

PETROAN welcomed the President's focus on energy-driven industrial expansion but emphasized that any genuine attempt to lower national production costs requires decisive, legally binding action on domestic refining capacity.

The association highlighted recent remarks made by President Tinubu, who told union leaders that mere activity at a government refinery does not constitute actual commercial success. The President stated that success must be measured by performance metrics such as profitability, daily throughput, product availability, and return on capital investment.