CORAN 2025 Summit Set to Tackle Nigeria’s Refining Gaps, Chart Path to Fuel Independence
By NaijaEnquirer Staff
The Crude Oil Refinery Owners Association of Nigeria (CORAN) will host the 2nd Nigeria Refining Summit, bringing together top policymakers and industry leaders to confront domestic refining challenges and shape a roadmap for Nigeria’s energy self-sufficiency.
Powerhouse Lineup of Speakers
The summit will feature Engr. Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), alongside industry heavyweights including Mrs. Nkechi Obi of TechnoOil, Mr. Temi Omatseye of Polmaz Logistics, Dr. Ibilola Amao of Lonadek Global Services, and Begna Gebreyes of the Africa Finance Corporation. Together, they will explore strategies to overcome crude supply bottlenecks and strengthen Nigeria’s refining ecosystem.
From Dependence to Dominance
Nigeria produces over 1.4 million barrels of crude oil daily but spends more than $10 billion annually on fuel imports. The Summit aims to accelerate the transition from dependence to dominance by boosting refining capacity, ensuring sustainable crude supply, and aligning operations with global environmental standards.
Momentum is already visible: the Dangote Refinery operates at over 70% capacity, while modular refineries like Aradel, Waltersmith, and OPAC highlight the flexibility of smaller-scale solutions. With BUA’s 200,000 bpd Akwa Ibom refinery and the rehabilitation of Port Harcourt and Warri plants underway, Nigeria could surpass 1 million bpd refining capacity by 2027, decisively ending fuel import reliance.
Refining as a Shared Mission
“Refining is no longer a national aspiration; it’s a shared mission for Nigeria’s energy future,” said Engr. Momoh Oyarekhua, CORAN Chairman. “By combining the strengths of mega-refineries, modular facilities, and state-owned assets, we will not only achieve self-sufficiency but also position Nigeria as Africa’s refining hub.”
Economic Promise and Regional Leadership
The refining sector is poised to generate hundreds of thousands of jobs, unlock new industrial value chains, and inject billions into GDP growth. With supportive policies and investor confidence, Nigeria could emerge as West Africa’s leading fuel supplier, serving a market worth over $20 billion annually.
Defining a Roadmap
The Summit’s Strategic Dialogue will address crude supply issues, fiscal incentives, and public-private partnerships, drawing lessons from global success stories such as India’s Jamnagar complex and Indonesia’s refinery expansion. CORAN 2025 seeks to go beyond dialogue to action, setting a clear roadmap for energy security and regional leadership.
