Mr. Momoh Oyarekhua is the President of the Crude Oil Refinery-Owners Association of Nigeria (CORAN) and the Chairman of OPAC Refineries, located in Delta State. In this interview with select journalists, Oyarekhua talks about the upcoming CORAN 2025 Summit as well as opportunities for integrating petrochemicals and refining to maximise value.

Among several other issues, he also speaks about how fiscal incentives such as tax reliefs, access to credit, and guarantees are critical to de-risking investments in Nigeria’s oil and gas sector. Emmanuel Addeh presents the excerpts.

What is the main vision of CORAN for Nigeria’s refining sector, and how does the CORAN Summit 2025 advance that agenda?

Our vision at CORAN is to see Nigeria transition from being a heavy importer of petroleum products to a self-sufficient refining nation and, ultimately, a net exporter within Africa. By strengthening domestic refining capacity, we aim to secure energy supply, stabilise the economy, create jobs, and retain value within our borders. 

The CORAN Summit 2025 provides a vital platform to align government, private investors, and regional stakeholders toward this goal. It will drive policy dialogue, showcase opportunities in modular and large-scale refineries, and catalyse partnerships that place Nigeria at the heart of Africa’s refining and energy security agenda.

How will refining capacity directly impact Africa’s long-term energy security, especially under the summit’s theme?

As you may be aware, the summit theme for this year is: ‘Refining:Key to Energy Security in Africa’. Refining capacity is central to Africa’s long-term energy security. Despite being a major crude oil producer, the continent’s reliance on imported fuels exposes economies to price volatility, supply disruptions, and foreign exchange pressures. 

By refining more at home, we can ensure consistent supply, reduce import dependency, and retain significant economic value locally. Expanding refining also stimulates industrialisation, job creation, and regional trade under the African Continental Free Trade Area (AfCFTA). For Nigeria and Africa, building modern, efficient refineries is not just about energy; it is about sovereignty, stability, and sustainable growth. The summit will focus on mobilising collaboration to make this vision a practical reality.

What specific policy reforms do you think are most urgent to unlocking the growth of both modular and large-scale refineries in Nigeria?

To unlock Nigeria’s refining potential, urgent policy reforms must focus on creating a stable, transparent, and investor-friendly environment. Firstly, fiscal incentives such as tax reliefs, access to credit, and guarantees are critical to de-risk investments. 

Secondly, ensuring crude oil supply at competitive pricing is essential to sustain operations. Ultimately, policies must foster public-private collaboration, promote local content development, and align with global environmental standards. These reforms will not only attract capital but also accelerate Nigeria’s journey toward energy self-sufficiency and regional refining leadership.

How is CORAN working with the government to ensure investor-friendly policies that balance local capacity building with global competitiveness?

CORAN is actively engaging the government at multiple levels to shape policies that make Nigeria’s refining sector attractive to investors while safeguarding national interests. We advocate for a regulatory framework that guarantees ease of entry, fair competition, and reliable access to crude. 

At the same time, we emphasise local capacity building by promoting skills development, indigenous technology adoption, and participation of local firms in the value chain. Through continuous dialogue, policy recommendations, and joint task forces, we ensure reforms align with global best practices while fostering an environment where investors thrive and Nigeria strengthens its refining and energy security base.

What innovative financing or de-risking strategies will the summit highlight to attract local and international investors to capital-intensive refining projects?

Refining requires significant capital, and attracting investment means addressing risks head-on. At the CORAN Summit 2025, we will spotlight innovative financing models such as blended finance, public-private partnerships, and long-term offtake agreements that provide certainty for investors. 

We are also engaging development finance institutions and regional banks to create de-risking instruments, including credit guarantees and insurance frameworks. Importantly, policy clarity and reliable crude supply will be highlighted as non-financial enablers of investor confidence. By combining financial innovation with regulatory reforms, we aim to unlock both local and international capital flows into Nigeria’s refining sector, accelerating self-sufficiency and energy security.

Private sector participation is critical to the survival of the downstream oil industry. How can this participation be scaled up, and what role does CORAN play in bridging investors with regulators and operators?

CORAN is actively engaging the government at multiple levels to shape policies that make Nigeria’s refining sector attractive to investors while safeguarding national interests. We advocate for a regulatory framework that guarantees ease of entry, fair competition, and reliable access to crude. 

At the same time, we emphasise local capacity building by promoting skills development, indigenous technology adoption, and participation of local firms in the value chain. Through continuous dialogue, policy recommendations, we ensure reforms align with global best practices while fostering an environment where investors thrive and Nigeria strengthens its refining and energy security base.

What opportunities exist for integrating petrochemicals and refining to maximise value addition locally?

Integrating petrochemicals with refining presents a tremendous opportunity to maximise value addition in Nigeria. Beyond producing fuels, modern refineries can generate feedstocks for petrochemical industries that support plastics, fertilisers, textiles, and pharmaceuticals. This integration diversifies revenue streams, reduces import dependence, and fosters industrial growth across multiple sectors.

For Nigeria, it means creating jobs, stimulating Small and Medium Scale Enterprises (SMEs), and positioning the country as a regional hub for energy and industrial products. At CORAN, we are driving conversations on policies and investments that encourage co-location of refineries and petrochemical plants, ensuring we capture full value from our crude oil resources for sustainable development.

With the AfCFTA in place, how do you envision regional cooperation shaping Africa’s refining landscape beyond Nigeria?

The AfCFTA presents a unique opportunity to build a truly integrated African refining and energy market. By reducing trade barriers, harmonising standards, and encouraging cross-border investment, we can create a regional value chain that benefits all. Nigeria, with its refining capacity, can supply neighbouring markets, while also importing specialised products from other African countries. 

This cooperation will reduce reliance on overseas imports, stabilise supply, and strengthen intra-African trade. CORAN envisions partnerships where infrastructure, financing, and expertise are shared, making Africa self-reliant in energy. The summit will highlight how regional collaboration can accelerate growth and secure the continent’s energy future.

What role can Nigeria realistically play in positioning itself as the refining hub of Africa?

Nigeria is uniquely positioned to become Africa’s refining hub, given its vast crude oil reserves, growing private investment in refineries, and strategic geographic location. With both modular and large-scale refineries coming onstream, Nigeria can not only meet domestic demand but also serve regional markets under AfCFTA. To achieve this, we must ensure consistent policy support, reliable crude supply, and competitive operating conditions. 

CORAN’s role is to align industry stakeholders and government toward this shared vision. By scaling capacity, driving efficiency, and promoting regional partnerships, Nigeria can realistically anchor Africa’s refining transformation and strengthen continental energy security.

Beyond energy security, how will increased refining capacity create jobs, build skills, and drive broader economic benefits for Nigerians and Africans?

Increased refining capacity goes far beyond energy security—it is a catalyst for economic transformation. Every refinery project creates thousands of direct and indirect jobs, from construction to operations and supply chains. It drives demand for skilled labor, encouraging training, research, and capacity development in engineering, technology, and management. 

Beyond jobs, refining stimulates local industries by providing feedstock for petrochemicals, fertilisers, plastics, and other value-added products. This strengthens SMEs, boosts exports, and reduces import dependence. For Nigerians and Africans, the broader benefit is inclusive growth—more opportunities, stronger industries, and a resilient economy anchored on sustainable local value creation.

As the world transitions toward cleaner energy, how is CORAN ensuring that Africa’s refining growth aligns with sustainability and climate goals?

CORAN recognises that Africa’s refining growth must align with global sustainability and climate goals. We are advocating for investment in modern, cleaner refining technologies that minimise emissions, improve efficiency, and reduce environmental impact. 

At the same time, we encourage integration of renewable energy and carbon-reduction practices within refinery operations. Through policy engagement, we emphasise balancing energy security with climate commitments, ensuring that refining expansion does not come at the cost of sustainability.

By driving innovation, promoting best practices, and collaborating with international partners, CORAN is ensuring Africa’s refining future is both economically viable and environmentally responsible.

Oyarekhua