Mr. Momoh Oyarekhua, the Chairman of the Crude Oil Refinery Owners Association of Nigeria (CORAN) and Chairman of OPAC Refineries, has emphasized that Nigeria’s path to sustainable energy security lies in strengthening domestic refining capacity.
Speaking ahead of the CORAN 2025 Summit, he highlighted that the vision is to transition Nigeria from being a heavy importer of petroleum products to a self-sufficient refining nation and eventual net exporter within Africa.
According to him, boosting refining capacity is not just about energy, it is central to stabilizing the economy, creating jobs, and retaining value within Nigeria. He noted that the upcoming CORAN 2025 Summit will serve as a vital platform to align government, private investors, and regional stakeholders, while catalyzing partnerships that place Nigeria at the forefront of Africa’s refining and energy security agenda.
Mr. Oyarekhua further stressed that refining at home reduces dependency on imports, saves foreign exchange, drives industrialization, and leverages opportunities under the African Continental Free Trade Area (AfCFTA).
However, he stressed that achieving this potential requires stable policy reforms, fiscal incentives, and strategies that support both modular and large-scale refinery growth.
He underscored that refining expansion is not only about energy supply but also about sovereignty, stability, and sustainable growth for Nigeria and Africa at large.
