The Unspoken Blueprint To Reshape Nigeria’s Energy Landscape

The Unspoken Blueprint To Reshape Nigeria’s Energy Landscape

Oil marketers have urged the federal government to privatize its state-owned refineries, foster healthy competition, enhance transparency, and invest in critical infrastructure to improve the efficiency of Nigeria’s downstream petroleum industry. The marketers,…The Unspoken Blueprint To Reshape Nigeria’s Energy Landscape

represented by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), also called for stronger enforcement of Local Content policies, the development of Compressed Natural Gas (CNG), and a crackdown on the smuggling of petroleum products.

In a statement released yesterday, signed by PETROAN’s leadership, the association emphasized that privatizing refineries like Warri and Kaduna would drastically improve efficiency and reduce government financial burdens. Additionally, they recommended prioritizing the creation of a competitive market to ensure fair pricing, fostering new entrants to avoid monopolies, and developing a robust monitoring system for compliance.

PETROAN also called for continuous investment in infrastructure such as refineries, pipelines, and storage facilities to strengthen Nigeria’s refining capacity and decrease dependency on imported petroleum products. They proposed supporting indigenous companies and incentivizing research and development in the downstream sector to drive growth.

Furthermore, the marketers requested that the government provide a ₦100 billion grant to prevent the collapse of 10,000 small businesses affected by the subsidy removal.

Addressing other key developments, the marketers noted significant progress in 2024, including the deregulation of the petroleum sector, new infrastructure construction, and the commencement of operations at Dangote Refinery. They pointed out that the Dangote Refinery’s competitive pricing has pressured the Nigerian National Petroleum Corporation (NNPC) to review its pricing strategy, benefitting consumers with more stable and affordable prices.

However, they also highlighted pressing issues such as infrastructure deficits, including limited CNG stations and high operational costs, especially in compressing and transporting natural gas. They further called for stronger measures to combat vandalism and ensure security in the petroleum supply chain.

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