Mr. Momoh Oyarekhua, Chairman of OPAC Refineries, delivered the opening speech at the maiden summit of the Crude Oil Refinery Owners Association of Nigeria (CORAN) in 2024. In his address, Oyarekhua emphasized the urgent need for Nigeria to transition from being an importer to a net exporter of petroleum products. He outlined the historical evolution of Nigeria’s refining sector, highlighting key challenges such as inconsistent feedstock supply, regulatory inefficiencies, and poor coordination across the value chain. Despite these hurdles, recent investments in local refineries offer hope for the future. 

Mr Oyarekhua called for strategic reforms, greater collaboration across the upstream, midstream, and downstream sectors, and increased investment in refining infrastructure to achieve self-sufficiency and position Nigeria as a global refining leader. He concluded by urging a collective commitment to action, with CORAN pledging to drive partnerships and policy changes that will foster long-term growth and energy independence.