Nigeria’s long-term economic interests. A strong domestic refining base is fundamental to building a resilient, energy-secure and sovereign economy. It is also critical for job creation, foreign exchange conservation, macroeconomic stability and the development of export-oriented refining capacity.”
It said more importantly, domestic refining is a major pathway to backward integration and resource-based industrialisation. According to CPPE, supporting refineries strengthens Nigeria’s petrochemical, fertiliser and allied industries, thereby creating broader industrial value chains that drive inclusive growth.
On the upstream side, CPPE said Nigeria must urgently ramp up crude oil and gas production by implementing policies that attract fresh investments across onshore and offshore assets. “This is particularly critical as the global energy transition accelerates. Nigeria must maximise the value of its hydrocarbon endowments while the opportunity still exists,” it noted.
“The NUPRC should prioritise production growth, investment facilitation and improved security, with a clear national objective of raising crude oil output to a minimum of two million barrels per day through close collaboration with industry stakeholders. Expanded investment in gas production must also be a central focus. Ensuring Compliance with domestic crude supply obligations to domestic refineries must be a priority.
“These strategic imperatives must define the direction of Nigeria’s new petroleum regulatory leadership if the sector is to drive sustainable growth, industrialisation, and long-term economic resilience effectively.”