The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has welcomed President Bola Tinubu’s Independence Day address, describing its focus on the petroleum sector as a potential catalyst for economic growth and development.
National President of PETROAN, Dr. Billy Gillis-Harry, said the Federal Government’s plan to harness Nigeria’s vast gas resources for industrial activities could stimulate job creation, reduce the cost of production and strengthen the ability of local businesses to compete.
Gillis-Harry also commended efforts to curb crude oil theft, saying a sustained reduction in the illicit activity could lead to higher crude production, increased government earnings and greater investor confidence in the oil and gas industry.
He, however, urged the Federal Government to prioritise the rehabilitation and sustainable operation of its refineries, arguing that functioning government-owned facilities would play an important role in strengthening Nigeria’s energy security.
According to him, bringing the refineries back into productive operation would expand domestic refining capacity, create additional economic opportunities and ensure that valuable national assets contribute more effectively to the economy.
PETROAN said greater refining capacity, combined with the growing presence of privately owned refineries, could deepen competition within the downstream petroleum market and improve the supply of refined products across the country.
The association stressed that achieving sustainable refinery operations would depend on reliable access to crude oil, competent management and an efficient system for distributing refined petroleum products.
Gillis-Harry also called for closer collaboration among the Federal Government, the Nigerian National Petroleum Company Limited (NNPCL), regulatory agencies, refinery managers and petroleum marketers.
He said stronger coordination among the key players would help create a more transparent, stable and sustainable petroleum industry capable of delivering greater value to Nigerians.
The PETROAN president maintained that the benefits of Nigeria’s oil and gas resources should increasingly be reflected in the everyday lives of citizens through stronger businesses, increased employment and lower production and transportation costs.
