PETROAN President Billy Gillis-Harry stated that the 83 refinery licenses issued by NMDPRA reflect growing investor confidence in Nigeria’s oil and gas sector.
He noted that the new licenses would increase the country’s refining capacity to 1,124,500 barrels. He stressed the need for consistent crude supply to keep local refineries operational. PETROAN also praised the reduction in petrol imports, which dropped from 44.6 million litres daily in August 2024 to 14.7 million litres by April 13, 2025.
Billy Gillis-Harry affirmed PETROAN’s commitment to working with NMDPRA and industry stakeholders to drive growth in Nigeria’s petroleum sector. He noted the issuance of 83 refinery licenses—8 LTOs, 30 LTCs, and 45 LTEs—as a sign of progress. He stressed that ensuring crude supply to local refineries will boost domestic production, reduce imports, conserve forex, create jobs, and stimulate economic growth.
This milestone clearly reflects the growing investor confidence in Nigeria’s oil sector. PETROAN praised NMDPRA CEO Farouk Ahmed for his innovative and transparent leadership, which has enhanced investor interest and trust in the industry.
PETROAN also applauded the Authority’s efforts to boost local refining capacity and reduce reliance on imported fuel.“The sharp drop in petrol imports—from 44.6 million litres daily in August 2024 to 14.7 million litres by April 13, 2025—highlights the effectiveness of these initiatives,” Gillis-Harry added.
