Critical stakeholders have urged the Federal Government to intervene to address challenges confronting domestic refiners so as to reduce Nigeria’s dependence on imported petroleum products.

According to the Crude Oil Refinery Owners Association of Nigeria (CORAN) it has become urgent for the government at the highest level to convene a Presidential Refining Industry Roundtable (PRIR) involving regulators, crude producers, financiers, infrastructure investors and refinery operators to develop a national roadmap for the sector.

The CORAN, in a position paper, said domestic refiners were grappling with foreign exchange pressures, high borrowing costs, crude supply constraints, inadequate infrastructure and rising logistics costs.

The association said Nigeria’s experience contrasted sharply with that of the United States, where President Donald Trump recently met refinery and fuel-distribution executives despite the country’s high refinery utilisation, underscoring the importance of government engagement with strategic industries.

According to the CORAN, Nigeria, despite being one of Africa’s largest crude oil producers, still faced difficulties supplying local refineries with crude under commercially sustainable arrangements.

It called for the full institutionalisation of the Federal Government’s Naira-for-Crude initiative, arguing that refineries selling most of their products in naira should not face unnecessary foreign exchange pressure in sourcing crude.

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The association also demanded a domestic crude-pricing framework that considers transportation, crude quality, point of delivery and other transaction costs rather than relying solely on international benchmarks.

“Physical allocation alone is not enough. Crude must be delivered at commercially sustainable prices and under arrangements that properly consider transportation, quality, evacuation, financing and proximity to producing assets,” CORAN said.

The refinery owners also expressed concern over the continued influx of imported petroleum products, warning that excessive imports could undermine investments in local refining, increase foreign exchange demand and expose the country to external supply disruptions.

While acknowledging that imports might be required to cover temporary supply gaps, the CORAN said they should not remain the dominant structure of Nigeria’s downstream petroleum market.

The association identified access to long-term financing as another major obstacle and called for a Refinery Development and Expansion Financing Framework involving development finance institutions, commercial banks, pension funds, infrastructure funds and private investors.

It said the proposed framework should provide long-term funding, credit guarantees, refinancing windows and construction-risk support for new and existing refineries.

The CORAN also called for increased investment in pipelines, storage terminals, depots, rail-linked transport and marine evacuation facilities, noting that reliance on road transportation significantly increased costs and safety risks.

The association urged the Federal Government to treat refineries as strategic industrial infrastructure capable of supporting employment, engineering, fabrication, petrochemicals and other sectors.

“Nigeria cannot continue exporting crude, exporting jobs and importing petroleum products at significant economic cost,” the association said.

The CORAN said the proposed presidential roundtable should produce clear timelines for strengthening the Domestic Crude Supply Obligation, institutionalising Naira-for-Crude, developing a domestic crude-pricing framework, reducing unnecessary product imports and expanding refinery financing and infrastructure.

It said Nigeria must move from an import-dependent petroleum economy towards a production-driven model, with domestic refineries playing a central role in meeting local demand and positioning the country as a refining hub for Africa.

President of the Republic of Senegal, H.E. Bassirou Diomaye Faye, has commended Sahara Group for its longstanding commitment to Senegal and the Société Africaine de Raffinage (SAR), describing the company as a trusted partner in the country’s energy sector.

The President made the remarks while receiving a Sahara delegation led by Wale Ajibade, Executive Director, Sahara Group, alongside Mamadou Abib Diop, Managing Director of SAR, at the Presidential Palace in Dakar.

President Faye acknowledged Sahara’s passion for Africa, its Pan-African outlook, and its consistent support for Senegal’s energy aspirations over the years through Sahara’s longstanding relationship with SAR.

“We appreciate Sahara’s dynamism, flexibility and constructive partnership with SAR, particularly its support in helping secure the country’s energy requirements amid challenging global market conditions,” President Faye added.

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Responding, Ajibade reaffirmed Sahara’s commitment to supporting Senegal’s energy security and economic development.

“Senegal has been an important partner for Sahara over the years, and we remain committed to deploying our expertise, infrastructure, financing capabilities and operational experience in ways that support the country’s energy ambitions. We are encouraged by the progress being made and look forward to deepening our partnership with SAR and other stakeholders across the energy value chain,” he said.

Ajibade noted that Sahara’s engagement in Senegal extends beyond its shareholding in SAR and reflects the company’s broader commitment to advancing energy access, industrial development and sustainable economic growth across Africa.

SAR Managing Director Mamadou Abib Diop, described Sahara as a reliable, long-term partner that has made significant investments in Senegal and continues to play an important role in supporting the country’s energy sector.

“Sahara Energy has invested significantly in Senegal over the years and remains a major and reliable partner. We are focused on strengthening our collaboration with Sahara to provide Senegal with greater flexibility in addressing the needs of the energy sector.”

Diop highlighted Sahara’s support for SAR’s crude oil supply requirements and noted that the company has consistently demonstrated its willingness to work alongside Senegalese stakeholders to help navigate prevailing market challenges.

The meeting further reinforced the strong partnership between Senegal, SAR and Sahara Group, as all parties continue to pursue practical solutions that enhance energy security, strengthen supply reliability and support the country’s long-term economic development.

Photo Caption – From Left, Executive Director, Sahara Group, Wale Ajibade and President of the Republic of Senegal, H.E. Bassirou Diomaye Faye at the Presidential Palace in Dakar, Senegal

The Securities and Exchange Commission (SEC) has approved the commencement of the Initial Public Offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals FZE (DPRP), paving the way for what could become one of the largest capital market transaction in Nigeria’s history.

A company statement in Lagos has it that the approval was conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the Securities and Investment Services Department of the SEC, Abdulkadir Abbas.

According to the Commission, the proposed offering comprises 4.1 billion ordinary shares at ₦525 per share, with the potential to raise approximately ₦2.15 trillion if fully subscribed. In addition, the SEC has registered the company’s existing 120.13 billion ordinary shares.

The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a significant milestone in the IPO process.

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The SEC’s clearance represents another major step in the evolution of Dangote Petroleum Refinery, opening investment opportunities in one of Africa’s most strategic industrial assets and further strengthening Nigeria’s capital market.

Located in Ibeju-Lekki, Lagos, the DPRP Complex occupies approximately 2,635 hectares and is home to a world-class integrated refining and petrochemicals facility. The complex currently has a refining capacity of 700,000 barrels per day, making it the largest single-train refinery in the world, alongside a 900,000 tonnes per annum polypropylene plant. The facility is powered by a dedicated 435-megawatt power plant.

At full production, the refinery is designed to satisfy Nigeria’s domestic demand for refined petroleum products while generating substantial volumes for export markets. The facility is also undergoing expansion that is expected to increase capacity to 1.4 million barrels per day, positioning it to become the world’s largest refinery.

The refinery is supported by extensive world-class infrastructure, including a self-sufficient marine facility designed to optimise logistics and freight efficiency. It also holds the world’s largest single order of five Single Point Moorings (SPMs) and incorporates advanced processing technology that meets World Bank, United States Environmental Protection Agency (EPA), European emission standards, and Nigerian regulatory requirements.

Its integrated port infrastructure includes multiple quays capable of handling Panamax vessels, liquid cargo shipments, and roll-on/roll-off operations, while its storage network comprises 177 tanks with a combined capacity of 4.742 billion litres.

With SEC approval now secured, the refinery is poised to embark on a historic public offering that could significantly broaden investor participation in one of Nigeria’s most transformative industrial ventures.