By Atoyebi Nike
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says the Federal Government is determined to ensure every barrel of crude oil adds value at home and abroad.
Speaking at the 2025 Crude Oil Refinery-Owners Association of Nigeria (CORAN) Summit in Lagos, Lokpobiri represented by his technical adviser, Ndah Adaba said local refining and energy security are key to Nigeria’s development. The summit, themed “Refinery Key to Energy Security in Africa,” gathered engineers, policymakers, and energy experts from across the continent.
He explained that the “Naira for Crude” policy helps reduce fuel production costs, stabilise exchange rates, and support local refiners. Through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the government has also simplified licensing to attract credible investors.
Lokpobiri said domestic refiners now receive crude through the Domestic Crude Oil Supply Obligation, stressing that no country can claim energy independence without refining its own crude.
He highlighted success stories like Dangote Refinery, Waltersmith Petroman, and Aradel Holdings as proof of local capacity. To expand regional influence, the government launched the West African Fuel Reference Market to position Nigeria as a refining hub under the African Continental Free Trade Area.
The minister added that the government will guarantee feedstock security, offer more incentives, and work with security agencies to tackle crude theft and pipeline vandalism.
CORAN Chairman, Momoh Oyarekhua, said the summit aims to turn Nigeria from a petroleum importer into a refining nation and net exporter. He called for stronger policy reforms, financing strategies, and regional cooperation to boost refining capacity.
MEMAN CEO Clement Isong described the summit as timely, saying local refining is critical to Africa’s energy independence and economic growth.
