The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says the Federal Government is determined to ensure that every barrel of crude oil produced in Nigeria adds real value both at home and abroad.
He also announced a strategic push to bolster indigenous refining capacity, underscoring a pivot toward energy self-sufficiency and economic growth as he affirmed the government’s commitment to ensuring domestic refiners receive a reliable supply of crude oil through the Domestic Crude Oil Supply Obligation.
He said this on Tuesday while speaking at the 2025 CORAN Summit in Lagos.
Lokpobiri, who was represented by his Technical Adviser, Ndah Adaba, said improving local refining capacity and energy security remains central to Nigeria’s development goals.
The theme of the summit, “Refinery – Key to Energy Security in Africa,” brought together engineers, policymakers, and energy professionals from across the continent.
According to the minister, as part of a deliberate policy and broader strategy, the ‘Naira for Crude’ sales agreement will continue to play a vital role in reducing the cost of fuel production.
He added that it would also help mitigate exchange rate volatility and support indigenous refining capacity.
Lokpobiri stated that through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the government had streamlined the licensing process — from the Licence to Establish, to Construct, and Operate.
This, he said, was to ensure that credible investors are supported rather than hindered by bureaucratic bottlenecks.
The minister said, “Beyond licensing, the government is also facilitating crude oil supply to domestic refiners through the effective implementation of the Domestic Crude Oil Supply Obligation (DSCO).
No nation can claim energy independence without the ability to refine its own crude.”
SOURCE: gistafri.com
