Industry stakeholders, including the Crude Oil Refinery-Owners Association of Nigeria (CORAN) and the Independent Petroleum Producers Group (IPPG), have raised concerns about the potential hindrance to Nigeria’s drive to expand domestic refining capacity. According to reports in Tribune Online, inadequate crude oil supply and high costs associated with accessing feedstock could pose a significant challenge. This warning was issued at the third Nigeria Oil Refining Summit (NORS). The stakeholders highlighted that these issues could undermine the nation’s efforts to boost its domestic refining capacity, potentially impacting energy security and economic growth. Premium Times Nigeria also reported on this issue, albeit focusing on the coffee industry, stressing the need for a national coffee policy to address production gaps.
This call for adequate crude supply is crucial as it could potentially spur increased investment in local refineries, thereby reducing the country’s reliance on imported petroleum products. However, it is essential to note that the Nigerian National Petroleum Corporation (NNPC) has not said when the facility began operating or when it plans to address these supply challenges.
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