In a major shift that could redefine Nigeria’s economic future, the country is projected to become a net exporter of petroleum products by 2027, thanks to a significant boost in local refining operations.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced that Nigeria is on course to become a net exporter of petroleum products within the next two years. This projection comes on the heels of a major push to increase the country’s domestic refining capacity.
According to PETROAN, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has so far issued licenses for 83 refineries, with a combined refining capacity of over 1.1 million barrels per day. These include 8 refineries licensed to operate, 30 with construction licenses, and 45 with licenses to establish.
Dr. Billy Gillis Harry, National President of PETROAN, stressed that the availability of crude oil for local refineries is critical to the success of this ambitious goal. He noted that ensuring a steady supply of crude to domestic plants will enable them to stay in business and operate at full capacity.
Dr. Harry pointed out two major benefits of this development: first, it will reduce Nigeria’s dependence on imported fuel and save valuable foreign exchange. Second, it will boost job creation and contribute to the nation’s economic growth.
Key infrastructure projects such as the Dangote Refinery, along with ongoing rehabilitation of state-owned refineries in Port Harcourt, Warri, and Kaduna, are central to this effort. Modular refineries are also playing a growing role in expanding the nation’s refining capabilities.
Industry analysts predict that by 2025, Nigeria’s refining output could reach 1.5 million barrels per day—positioning the country as Africa’s top oil refiner.
Recent statistics support this trend, with petrol imports dropping sharply from 44.6 million litres per day in August 2024 to just 14.7 million litres per day as of April 2025. PETROAN believes that with continued government support and investor confidence, Nigeria is well on its way to reversing its petroleum trade balance and reshaping its energy economy.
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