Mr. Momoh Jimah Oyarekhua, Chairman CORAN
…Energy Security is Steadfastness, Sustainability, Stability and Right of Every African
…CORAN envisions partnerships where infrastructure, financing and expertise are shared, making Africa self-reliant.
-Felix Douglas
Speaking at the opening ceremony of the Crude Oil Refinery Owners Association of Nigeria (CORAN), the Chairman, Mr. Momoh Jimah Oyarekhua told participants at the Summit that the theme – “Refining: Key to Energy Security in Africa” – is both urgent and inspiring.
According to the CORAN Chairman, energy security is more than the ability to turn on a light or fuel a car. It is about steadfastness, sustainability, stability, and the right of every African to live and have access to energy when and how they want it.
Oyarekhua made it known that Africa produces more than seven million barrels of crude oil every single day. Yet, the continent still imports a painful share of the petrol, diesel, aviation fuel, and petrochemical feedstock that drive its economies.
Each imported litre means scarce foreign exchange leaving its shores. Each imported litre represents jobs that could have been created for youths, technologies that could have mastered, and industrial capacity that could have built.
“Imagine a continent where crude oil from the Niger Delta, the Gulf of Guinea, and the Rift Valley is refined right here – creating skilled jobs from engineering to logistics, stabilizing fuel prices, and ensuring a stable supply even when global markets are in turmoil.”
“Imagine the knock-on effect: cheaper power for factories, competitive transport for farmers, and stronger currencies for our nations.”
The CORAN Chairman noted that this is the Africa that can build. Nigeria, with its population, entrepreneurial spirit, and resource base, must lead the way.
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 our economies to price volatility, supply disruptions, and foreign exchange pressures. By refining more at home, we can ensure a consistent supply, reduce our dependency on imports, and retain significant economic value locally.
He spoke on expanding refining at home which will 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 AfCFTA presents a unique opportunity to build a truly integrated African refining and energy market. By reducing trade barriers, harmonizing standards, and promoting cross-border investment, we can establish a regional value chain that benefits all parties involved. Nigeria, with its refining capacity, can supply markets in African countries.
This cooperation will reduce reliance on overseas imports, stabilize supply chains, and strengthen intra-African trade. CORAN envisions partnerships where infrastructure, financing and expertise are shared, making Africa self-reliant. This summit will highlight how regional collaboration can accelerate growth and secure the continent’s energy future.
The good news is that the process has begun. From the impressive private modular refineries emerging across the Niger Delta to the coming onstream of large-scale facilities such as the Dangote Refinery, momentum is building. Government reforms are gradually improving the investment climate, and domestic capital is beginning to meet international expertise. Yet, we must be honest with ourselves: we are not moving fast enough.
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 the 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 fostering regional partnerships, Nigeria can realistically lead Africa’s refining transformation and enhance continental energy security.”
Key challenges
- Access to affordable financing for refinery projects.
- Regulatory clarity and consistency that investors can trust.
- Infrastructure bottlenecks from power to pipelines.
- The need for all stakeholders to see tangible benefits, so that refining becomes a shared victory, not a source of conflict and resistance.
- Reliable supply of crude feedstock to domestic refineries.
Oyarekhua stated further that without a guaranteed flow of crude, even the best-designed refineries will sit idle. Energy security begins not just at the refinery gate, but at the wellhead. If there is security in the feedstock, fuel, jobs, prosperity will follow.
Increased refining capacity extends far beyond energy security – it catalyzes economic transformation. Every refinery project generates numerous direct and indirect jobs, encompassing construction, operations, and supply chains. It drives demand for skilled labour, encouraging training, research, and capacity development in engineering, technology and management.
Beyond jobs, refining stimulates local industries by providing feedstock for petrochemicals, fertilizers, plastics and other value-added products. These strengthen SMEs, boost exports, and reduce dependence on imports. For Nigerians and Africans, the broader benefit is inclusive growth – more opportunities, stronger industries, and a resilient economy anchored on sustainable local value creation.
Oyarekhua said Nigerian engineers are mastering complex refinery processes that were once thought to be out of reach. Local fabricators are producing equipment to international standards. Young graduates are proving that African talent is of world-class standard.
These achievements demonstrate that with the right environment, the country can refine not only its oil but also skills, confidence, and global standing.
Energy security is the foundation for every other form of security. A nation that cannot fuel its homes, industries and activities cannot say it’s secure or protect its sovereignty.
Nigeria’s commitment to refining its resources in Africa and ensuring the continuous supply of crude feedstock will strengthen its economy, societies, and independence.
He urged stakeholders to make a pledge to invest collaboratively in Nigeria’s refining, partner across public and private sectors, regulate transparently and predictably. This will guarantee every domestic refinery the crude it needs to operate.
Stakeholders should ensure that the benefits of refining jobs, trades, logistics, infrastructure, technology, human capital development reach every aspect of the society.
Oyarekhua appreciated pioneers and investors who took early risks, policymakers who pushed for reform including engineers who worked long hours to bring refineries to life.
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