The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN has emphasized the need for strategic collaboration and investment in Nigeria’s petroleum sector. This call was made at the inaugural meeting of the Petroleum Industry Stakeholders’ Forum, PISF, which brought together key stakeholders from the government, regulatory bodies, and private sector in Abuja.
The forum provided a platform for stakeholders to discuss ways to enhance energy security, promote investment, and ensure consumer protection in the petroleum sector. PETROAN’s National President, Dr. Billy Gillis Harry, reiterated the association’s commitment to supporting initiatives that promote the growth and sustainability of Nigeria’s petroleum sector.
PETROAN’s National Executive Council also expressed its gratitude to the Honourable Minister of State for Petroleum (oil) for inviting them to join the stakeholders’ forum in the Nigeria Petroleum industry. This inclusion has officially accorded PETROAN stakeholders’ status, a significant recognition of their role in the industry.
PETROAN has pledged to utilize this opportunity to add value to the stakeholders’ forum and the industry as a whole, rather than taking the inclusiveness for granted. As a stakeholders’ forum member, PETROAN will contribute to shaping the industry’s future and addressing its challenges.
Notably, PETROAN was among the various industry stakeholders who attended the Petroleum Industry Stakeholders Engagement, PISF organized by the Ministry of Petroleum Resources in Abuja. This event brought together key players in the oil and gas sector to discuss critical issues and propose solutions.
Addressing the forum, Dr. Billy Gillis Harry, said PETROAN endorses the Nigeria Oil Industry Stakeholders Forum under the leadership of the Honourable Minister of State for Petroleum (Oil).
He continued by saying, “We express our sincere appreciation of the courageous leadership of His Excellency, Mr. President, Bola Ahmed Tinubu, GCFR, for the bold and consistent decisions to fully deregulate the industry, unify foreign exchange rates, and implement policies that unlock the full potential of our petroleum sector.”
Dr. Harry also emphasized the vital role played by the Minister of Petroleum Resources and the Special Adviser to the President on Energy in streamlining operations within the sector. Their collaborative efforts, he said, have paved the way for enhanced domestic energy security, improved supply chains, and the revitalization of crucial midstream and downstream infrastructures.
“We believe that the establishment of this Industry Forum will complement the ongoing efforts to drive business growth and stimulate much-needed investments.”
PETROAN, in a position paper submitted to pressmen at the forum, said the Nigeria oil and gas sector recorded significant milestones that shaped Nigeria’s oil and gas downstream sector in 2024, which includes: the deregulation of the downstream sector, which led to price stability; Investments in downstream infrastructure, which improved efficiency; the commencement of the Port Harcourt and Warri Refineries, marking a significant milestone; the emergence of the Dangote Refinery, introducing pricing competition; Nigeria’s LPG market experiencing remarkable growth; the oil sector witnessing a resurgence, with daily crude oil production reaching 2 million barrels per day.
As a critical stakeholder, PETROAN, comprising membership with over 6,900 retail outlets across Nigeria, played a crucial role in ensuring the smooth distribution of value to Nigeria. Therefore, it is correct to say that PETROAN was instrumental in the oil and gas sector’s achievements listed above.
However, to reinforce previous achievements, PETROAN recommends the following:
1. Privatization of Nigerian-Owned Refineries: Privatize Nigerian-owned refineries to improve efficiency and reduce government spending.
1. Enhancing Transparency: Establish a robust monitoring and evaluation framework to track the performance of downstream operators.
2. Investing in Infrastructure Development: Continue investing in critical infrastructure to improve the country’s refining capacity.
3. Addressing Cross-Border Smuggling: Collaborate with neighbouring countries to address cross-border smuggling.
4. Prioritizing Local Refineries’ Access to Crude Oil: Prioritize local refineries’ access to crude oil to enhance energy security.
PETROAN acknowledges the commitment of the President of the Federal Republic of Nigeria, His Excellency Bola Ahmed Tinubu, the Minister of State Petroleum (oil), the Director NMDPRA, the President of MEMAN, and DAPPMAN, saying, “We look forward to continued collaboration in 2025.”
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