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The Crude Oil Refinery-Owners Association of Nigeria (CORAN) has unveiled a 10-point policy agenda aimed at maximising Nigeria’s domestic refining capacity, eliminating petroleum-product imports and positioning the country as a major exporter of refined products in Africa.

The Chairman of CORAN, Mr. Momoh Oyarekhua, disclosed the agenda on Monday, September 28, 2026, at the 3rd Nigeria Oil Refining Summit held at Eko Hotel, Lagos.

Oyarekhua said Nigeria’s petroleum industry must move beyond its longstanding dependence on imported refined products and focus on capacity optimisation, domestic value creation, infrastructure development and export-led growth.

According to him, the expansion of domestic refining capacity has created an opportunity for Nigeria to meet its petroleum-product requirements locally while developing surplus production for regional and international markets.

“For decades, Nigeria exported crude oil and imported refined products. Today, we in CORAN have changed that story by ensuring that our natural resources create jobs, industrial growth, energy security and prosperity for Nigerians,” he said.

He said the immediate priority should be ensuring that existing and emerging refineries have adequate access to crude oil, competitive pricing, financing and evacuation infrastructure to operate at optimal capacity.

“Our crude must increasingly power our refineries. Our refineries must supply our market. And Nigeria must ultimately become a refining hub for Africa,” Oyarekhua said.

Presenting CORAN’s 10-point agenda, he called for the full institutionalisation of the Naira-for-Crude initiative, with transparent eligibility and access for qualifying domestic refineries, including modular refineries.

The association also proposed a domestic crude pricing template that takes into account crude quality, delivery points, avoided international logistics costs and actual domestic evacuation expenses.

CORAN further called for stronger enforcement of the Domestic Crude Supply Obligation under Section 109 of the Petroleum Industry Act, while maintaining commercially workable arrangements between crude producers and refiners.

It also proposed crude swaps and proximity-based supply arrangements that would enable crude-producing assets located near domestic refineries to supply those facilities without unnecessary movement through distant export infrastructure.

On petroleum products, the association called for the elimination of imports as domestic refining capacity becomes sufficient to meet national demand.

According to CORAN, Nigerian refineries should be given the opportunity to supply the domestic market while developing production surpluses for export.

The association also proposed a Refinery Development Financing Framework to provide long-term financing, guarantees and refinancing mechanisms for refinery expansion, upgrades, optimisation and new refinery construction.

It called for accelerated development of shared petroleum-product infrastructure, including pipelines, depots, storage terminals, jetties, rail evacuation systems and other common-carrier facilities.

CORAN further proposed the establishment of strategic petroleum-product reserves to ensure supply security during refinery maintenance, temporary operational disruptions and other emergencies.

The association also advocated regulatory and fiscal incentives for refinery optimisation and expansion, particularly investments in conversion units capable of increasing domestic production of Premium Motor Spirit (PMS), aviation fuel, Liquefied Petroleum Gas (LPG) and other high-value products.

The final plank of the agenda is the development of a national refining and export roadmap with measurable targets for capacity utilisation, refinery expansion, domestic supply, elimination of petroleum-product imports and growth in refined-product exports.

Oyarekhua stressed that Nigeria’s objective should not merely be to announce additional refining capacity but to ensure that existing capacity is fully utilised.

He identified crude supply as one of the major challenges facing domestic refiners, saying some refineries still struggle to access crude oil on commercially sustainable terms despite Nigeria’s substantial crude resources.

“Despite our abundant crude resources, some domestic refineries continue to face difficulties accessing crude oil on commercially viable terms,” he said.

He argued that stronger integration between upstream crude production and downstream refining would enable Nigeria to derive greater economic value from every barrel produced.

The CORAN chairman also called for policies that would encourage the expansion and upgrading of existing refineries, allowing operators to improve yields and increase production of PMS, aviation fuel, LPG and other products required in Nigeria and across African markets.

Oyarekhua said the emergence of significant domestic refining capacity should mark a turning point in Nigeria’s petroleum-products market.

He argued that policy should shift from managing petroleum-product imports to creating a competitive domestic refining industry capable of supplying the Nigerian market and competing in export markets.

“Refining for value means more than producing fuel. It means retaining foreign exchange, creating jobs, developing local expertise, supporting petrochemicals and manufacturing, and capturing greater economic value within Nigeria,” he said.

Oyarekhua also emphasised the need for an integrated infrastructure network to support an export-oriented refining industry.

“Nigeria has already taken the difficult decision to reform the petroleum-products market. The next stage must be equally bold,” he said.

“The country must now support the refinery. Support the pipeline. Support the storage terminals.”

He said efficient pipelines, storage facilities, jetties, depots, rail systems and other evacuation infrastructure would reduce logistics costs, improve refinery competitiveness and strengthen Nigeria’s ability to supply petroleum products to West and Central African markets.

According to him, Nigeria should aspire to become Africa’s leading refining and petroleum-products export hub by leveraging its crude resources, market size, private-sector investment and strategic geographical position.

“For too long, Nigeria has been known as a nation that exports crude oil and imports value. Yet we stand today at a moment when we can change that narrative,” Oyarekhua said.

“We have the resources. We have the market. We have the investors, the regulators, the producers and the refiners. What we need now is the collective will to connect them all in a way that delivers lasting value for our nation.”

He said the success of Nigeria’s petroleum-sector transformation should increasingly be measured not only by crude-oil production but also by the proportion of crude converted into higher-value products within the country.

He noted that increased domestic refining would help retain foreign exchange, generate export earnings, create skilled employment, stimulate petrochemical and manufacturing activities and strengthen Nigeria’s position in the African energy market.

“Every barrel refined in Nigeria means more jobs for our people, more opportunities for our businesses, more value retained in our economy and greater energy security for our future,” he said.

Oyarekhua urged crude producers, refiners, regulators, marketers, financiers, investors, host communities and other stakeholders to work together to accelerate the development of Nigeria’s refining industry.

He called on participants at the summit to move beyond speeches and communiqués towards practical solutions, measurable commitments and partnerships capable of increasing refinery capacity utilisation and refined-product exports.

“History rarely rewards those who simply identify problems. It remembers those who solve them,” he said.

He added that Nigeria’s ultimate ambition should be to build a refining industry capable of satisfying domestic demand while making the country a dependable supplier of petroleum products to other African economies.

“If we succeed, Nigeria will not merely be a major producer of crude oil. We will become a leading refining and industrial powerhouse, creating prosperity from our resources and opportunities for generations to come,” Oyarekhua said.

He called for a new era of domestic refining and export-led value creation, saying: “Refine more. Import none. Create more value. Create more jobs. Build a stronger Nigeria.”