The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has welcomed
the petroleum and energy-related messages contained in President Bola Ahmed Tinubu’s
Independence Day address, describing them as an indication of the Federal Government’s
continued focus on using Nigeria’s natural resources to support economic growth and improve the lives of Nigerians.
The National President of PETROAN, Dr. Billy Gillis-Harry, particularly applauded the President’s remarks on using the nation’s gas to power new industries.
He said Nigeria’s gas resources can provide the energy needed to power industries, create jobs, reduce the cost of production and improve the competitiveness of Nigerian businesses.
PETROAN also welcomed the President’s statement that oil theft has reduced, noting that
sustained progress in this area can support increased crude oil production, improve government
revenue and strengthen confidence in the petroleum sector.
Dr. Gillis-Harry said the President’s emphasis on reducing the cost of production is particularly
important because energy costs have a direct impact on transportation, manufacturing,
agriculture and other productive activities. He further stressed that the transition from economic reforms to what the President described as the “age of prosperity” must ultimately be reflected in the real economy and in the daily lives of Nigerians.
The association who called for restart of government refineries, also called on President Tinubu to direct the management of
the Nigerian National Petroleum Company Limited (NNPCL) to take urgent steps towards
restarting and sustainably operating the nation’s government-owned refineries before the
January election period.
Dr. Gillis-Harry said prolonged refinery inactivity has affected businesses, workers, contractors, transport operators and communities whose livelihoods he said depend on the petroleum value chain.
According to him, returning the refineries to productive operation would increase domestic refining capacity, strengthen energy security, create economic opportunities and make better use of Nigeria’s existing national assets
“This is not simply about restarting refineries. It is about putting national assets back to work
for Nigerians,” he said.
PETROAN further noted that increased domestic refining capacity, alongside privately owned refineries, could create a more competitive downstream market.
Greater competition could encourage efficiency and improve product availability, while potentially putting downward pressure on petroleum-product prices. However, the Association noted that prices would continue to depend on factors such as crude oil supply costs, exchange
rates, taxes and logistics.
PETROAN stressed that refinery revival must be supported by reliable crude oil supply, efficient operations and effective distribution of petroleum products.
The Association acknowledged the President’s reaffirmation of the administration’s
economic reforms and its position against what he described as “addictive subsidies.”
Dr. Gillis-Harry said the priority should now be to build a sustainable petroleum market that
protects consumers, encourages investment and allows legitimate businesses to operate within a transparent and predictable environment. He called for stronger cooperation among the
Federal Government, NNPCL, regulatory agencies, refinery operators, petroleum marketers and
other industry stakeholders.
“the age of reform has done its work. Now
begins the age of prosperity,” the PETROAN chairman also said while also urging the Federal Government to ensure that this new phase
delivers tangible benefits across the petroleum sector and the wider economy.
“Nigerians want to see the benefits of our natural resources in their businesses, their jobs,
their transportation costs and their everyday lives. A functioning domestic refining sector can
be an important part of achieving that,” Dr. Gillis-Harry said.
PETROAN remains committed to supporting policies that promote energy security, strengthen
domestic refining, improve petroleum-product distribution, encourage investment and ensure
that Nigeria’s oil and gas resources create greater value for the Nigerian people.
PETROAN Applauds Independence Day Speech, calls for Sustained reforms to Power Nation’s Refineries
