Lagos — The Nigerian association known as PETROAN, which represents owners of petroleum products retail outlets, has demanded sufficient crude oil supplies to local refineries.
As The Association issued this statement, they also commended the NMDPRA for recently approving licenses for 83 refineries.
Based on information from NMDPRA, out of the 83 authorized refineries, there are eight holding Licenses to Operate (LTO), 30 possessing Licenses to Construct (LTC), and 45 having Licenses to Establish (LTE).
The PETROAN National President, Dr. Billy Gillis-Harry, issued this appeal while stressing the importance of providing specific crude oil supplies to domestic refineries to keep them both functional and lucrative.
"If these refineries are to continue operating, it is essential that enough provisions be put in place to allocate an appropriate amount of crude oil for their use," Gillis-Harry said at his 65th birthday celebration in Abuja.
He outlined two key advantages of providing crude oil to nearby refineries: boosting homegrown output and fostering economic expansion.
"It will lessen dependence on imported goods and save foreign currency. Additionally, it will generate employment opportunities and boost economic development, since local refineries could function at their peak efficiency and substantially contribute to Nigeria’s Gross Domestic Product," stated the President of PETROAN.
PETROAN also praised the CEO of NMDPRA, Engr. Farouk Ahmed, for promoting transparency and innovation, which have drawn private investment and restored regulatory confidence.
"We applaud Eng. Farouk Ahmed for introducing innovative and transparent practices in his office, which have drawn investors and increased confidence within the industry," he noted.