Nigeria issues nine licences for new refineries

LAGOS, October 30, 2024 – The Nigerian federal government has issued nine licences to establish modular refineries, Farouk Ahmed, CEO of NMDPRA announced on Monday.

In addition to the nine establishment licences, the NMDPRA further issued seven construction licences and four operations licences for modular refineries. Ahmed made the announcement at the 2024 Oil Trading & Logistics Africa Downstream Energy Week in Lagos, Nigeria.

Ahmed further reiterated the government’s intention to increase crude oil production to 3 million bpd and stated that the expansion of the downstream sector will lead to Nigeria becoming a net exporter of petroleum products.

Regarding the government’s aims, Ahmed said, “Our target is to achieve a fully liberalised and mature market for all petroleum products and natural gas, where the market fundamentals lead to robust price discovery and attractive investment opportunities.”

The announcement aligns with other recent developments in Nigeria’s downstream, including the announcement of four new 100,000-bpd modular refineries, the production of petrol at the Dangote Refinery and the liberalisation of the country’s retail fuel market.

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