ABUJA, Nigeria — The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has issued a bold ultimatum to the Federal Government: it is time to sell Nigeria’s four state-owned refineries to private investors.
In a move to end decades of “fiscal burden,” the association is pressing for the privatization process to be transparently concluded by the first quarter of 2026.
The “Drain” on National Wealth
Despite billions of dollars spent on “turnaround maintenance” and rehabilitation, refineries in Port Harcourt, Warri, and Kaduna have largely remained non-productive. PETROAN argues that continued government control has only resulted in:
- Wasted Public Funds: Trillions of Naira spent with zero refined output to show for it.
- Operational Failures: The Port Harcourt refinery was shut down in May 2025, just six months after being declared “operational.”
- Logistics Nightmares: Marketers currently face high transport costs and price wars because the country relies almost entirely on imports or a single private supplier.
The PETROAN Vision: Why Private is Better
The National President of PETROAN, Dr. Billy Gillis-Harry, believes that moving the refineries into private hands is the only way to achieve “energy security.” According to the association, privatization will:
- Inject Fresh Capital: Bring in private investors with the money and technical skills to actually make the plants work.
- Slash Fuel Prices: Create healthy competition that will naturally drive down the price of petrol for the average Nigerian.
- Strengthen the Naira: By refining locally, Nigeria can save billions in foreign exchange currently spent on fuel imports.
A Critical Moment for the 2026 Budget
The call comes as the government prepares its 2026 “Renewed Hope” Budget. PETROAN insists that the budget’s ambitious targets—including a crude oil production goal of 1.84 million barrels per day—can only be met if the downstream sector is reformed and the refineries are finally fixed or sold.
“Timely privatization will improve efficiency, encourage competition, and eliminate the recurrent financial drain on the government,” the association stated.
