• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

Nigerian government pledges Commitment to Push for Local Refining Of Petroleum

Blessing Joseph by Blessing Joseph
October 13, 2023
in News, Oil & Gas
0
Nigerian government pledges Commitment to Push for Local Refining Of Petroleum
Share

In a bid to tackle the challenges posed by fuel importation and its impact on Nigeria’s foreign exchange earnings, the Nigerian Government is renewing its dedication to bolster local refining of petroleum products.

Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, assured a delegation from the Crude Oil Refineries Owners Association of Nigeria (CORAN) that the government is committed to finding domestic solutions to the issues faced by the sector. He emphasized the government’s intention to provide an enabling environment for their growth.

Acknowledging the critical role the sector plays in Nigeria’s economy, Lokpobiri reiterated that once the petroleum sector thrives, it will substantially reduce the need for petroleum product imports. He emphasized that the government sees CORAN as a partner in advancing the sector.

The Minister outlined plans to collaborate with relevant Ministries, Departments, and Agencies, such as the Federal Ministry of Finance and the Central Bank of Nigeria, to facilitate access to funds.

Lokpobiri encouraged CORAN to explore alternative funding sources available within the country, including the Development Bank, the Bank of Industry, and the African Export-Import Bank. These avenues could provide vital support for their endeavors.

The Chairman of CORAN, Mr. Momoh Oyarekhua, highlighted the association’s primary goal is to elevate local oil refining in Nigeria and promote domestic production of refined products. He stressed that achieving self-sufficiency in oil refining would significantly reduce the need for imported petroleum products.

Oyarekhua pointed out that a substantial portion of Nigeria’s foreign exchange earnings is currently allocated to importing refined petroleum products. He detailed various challenges faced by CORAN, including insufficient crude supply from local producers, multiple charges, and limited access to funding.

To address these issues, Oyarekhua mentioned engagements with key entities like the Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission. These discussions aim to streamline the process of obtaining crude and ensure a steady supply for local refineries.

For prospective modular refinery investors, Oyarekhua emphasized the importance of crude guarantees for creditors and financiers. He called on the government to provide support, particularly through a refinery intervention fund, to expand their capacity for producing Premium Motor Spirit (PMS) locally.

Post Views: 1
Share

Related Posts:

  • Call For Proposals: Nigeria Soot-free Bus CNG/Electric Bus Deployment Projects (US$ 240,000 - US$ 300,000)
    Call For Proposals: Nigeria Soot-free Bus…
  • images (51)
    Naira-for-crude: Petrol Price Hike Looms As talks…
  • images – 2025-04-04T103018.865
    PETROAN Warns Refineries Against Importing…
  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2025 Guide to the Top Business Enabling…
  • Nigeria Lost 362 Million Barrels of Crude Oil in 10 Years – NEITI
    Nigeria Lost 362 Million Barrels of Crude Oil in 10…
  • Nigerian Retailers Now Loading Fuel from Port Harcourt, Warri Refineries
    Nigerian Retailers Now Loading Fuel from Port…
Tags: Bank of IndustryCrude Oil Refineries Owners Association of Nigeria (CORAN)Heineken LokpobiriMSME AfricaMSME News in Nigeria todayMSMEsNigerian National Petroleum Company LimitedSMESMEs
Previous Post

Federal Government Pledges to Improve Quality and Export Capacity of Local Businesses

Next Post

SMEDAN Equips 40 Businesses with Digital Skills and Laptops

Next Post
SMEDAN Equips 40 Businesses with Digital Skills and Laptops

SMEDAN Equips 40 Businesses with Digital Skills and Laptops

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • OPEC+ Raises Production Quota by 411,000 Barrels per Day ,Piling Pressure on Naira
  • Nigeria’s Crude Export to US Increases After Dangote Lowered Production – Report
  • Cash in Circulation Slips as Nigerians Go Digital
  • Blue Sands STEM Lab Wins N2 Million Top Prize at MarkHack 4.0
  • NLNG Expands Train 7 Skills Programme to Boost Youth Participation

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2025
  • Otabor Osayomore Blessing on Ultimate 2025 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.