Nigeria must become a crude oil exporter — COREN
CHIGOZIE AMADI
The Crude Oil Refiner-owners Association of Nigeria (COREN) has called for concerted efforts to position Nigeria as a net exporter of crude oil within Africa and beyond.
The Chairman of COREN, Mr Momoh Oyarekhua, made this call during the COREN 2025 Summit held on Tuesday in Lagos.
The summit was themed: “Refinery – Key to Energy Security in Africa.”
Oyarekhua emphasised that the association is actively working to ensure Nigeria’s crude oil production serves markets beyond its shores.
“This summit marks a significant gathering of visionaries, policymakers, investors, and industry leaders who are committed to shaping the future of Nigeria’s and Africa’s refining landscape,” he said.
According to him, COREN’s vision is clear — to transform Nigeria from a major importer of petroleum products into a self-sufficient refining nation and, ultimately, a net exporter across Africa.
“This summit serves as a vital platform to advance this mission by fostering dialogue, innovation, and collaboration among all stakeholders.
“Africa’s path to energy security depends on our ability to refine more of our crude oil,” Oyarekhua noted.
He stated that strengthening domestic refining capacity would stabilise fuel supply, reduce reliance on imports, retain economic value within national borders, and generate employment.
“The 2025 COREN Summit presents a unique opportunity to explore policy reforms, financing strategies, and technological partnerships that can help turn this vision into reality.
“As we deliberate on integrating refining and petrochemical industries, promoting both modular and large-scale projects, and enhancing regional cooperation under the African Continental Free Trade Area (AfCFTA), I urge all participants to share insights that drive sustainable progress.
“Together, let us commit to building a resilient and self-reliant energy future — one refinery, one partnership, and one innovation at a time,” he added.
Also speaking at the summit, Mr Clement Isong, Chief Executive Officer of the Major Energies Marketers Association of Nigeria (MEMAN), described the 2025 COREN Summit theme as both timely and strategic.
He said it reflects a shared recognition that Africa’s energy independence depends on strengthening local refining capabilities.
“As the continent navigates global market volatility and the energy transition, refining stands as a cornerstone for sustainable growth, industrial resilience, and economic empowerment,” Isong said.
He commended COREN’s leadership for driving crucial conversations linking refining development to broader national and regional energy goals.
“MEMAN fully aligns with this vision. We continue to promote collaboration, efficiency, and innovation across the downstream petroleum value chain.
“It is our hope that this summit will yield actionable insights and foster partnerships that accelerate progress toward true energy security — not just for Nigeria, but for the entire African continent.
“MEMAN remains a willing and committed partner on this collective journey toward a more sustainable and self-reliant energy future,” he concluded.
Isong also wished COREN and all summit participants a productive and impactful event.
