The Crude Oil Refinery Owners Association of Nigeria has urged the Federal Government to reduce petroleum product imports and strengthen domestic refineries to improve Nigeria’s energy security.
In a position paper, CORAN said local refinery operators were facing challenges including foreign exchange pressures, high borrowing costs, limited long-term financing, crude supply difficulties, poor infrastructure and rising logistics expenses.
The association also raised concerns over inadequate crude deliveries to domestic refineries. It said that although 61.9 million barrels were allocated to local refineries in the first quarter of 2026, only 28.5 million barrels were delivered.
CORAN, however, acknowledged an improvement in the second quarter, when 53.7 million barrels of crude oil and condensate were reportedly supplied to local refineries.
The refinery owners called for a commercially sustainable pricing framework for crude supplied to domestic refineries, taking into account benchmark prices, crude quality, transportation, logistics and delivery costs.
CORAN also urged the government to progressively reduce fuel imports, arguing that continued imports alongside growing domestic refining capacity could weaken investment in the sector and increase pressure on foreign exchange.
The association called for greater access to long-term financing, improved pipelines and storage facilities, strategic petroleum reserves and incentives for refinery expansion.
It also proposed an urgent Presidential Refining Industry Roundtable involving government agencies, crude producers, financial institutions, infrastructure investors and refinery operators.
CORAN said Nigeria should prioritise domestic refining to create jobs, conserve foreign exchange, strengthen related industries and ultimately position the country as a refining hub for Africa.
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