PETROAN Urges Tinubu to Make 'Age of Prosperity' Tangible, Restart Refineries
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on President Bola Ahmed Tinubu to ensure that the "age of prosperity" he announced translates into tangible improvements in the real economy and in the everyday lives of Nigerians.
In a statement issued on Thursday, the association also urged the President to instruct the management of the Nigerian National Petroleum Company Limited (NNPC) to bring the nation's government-owned refineries back into operation and keep them running sustainably before the January election period.
PETROAN commended the petroleum and energy-related portions of the President's Independence Day speech, describing them as evidence of the federal government's ongoing commitment to harnessing the country's natural resources for growth and better living standards.
Dr Billy Gillis-Harry, the association's national president, highlighted the President's remark that "we will use our gas to power new industries." He noted that Nigeria's gas reserves can provide the energy required to drive industrial activity, generate employment, lower production costs and enhance the competitiveness of Nigerian businesses.
The association also praised the President's statement that oil theft has declined. It observed that continued success in tackling crude oil theft would boost production, increase government earnings and reinforce confidence in the petroleum industry.
Gillis-Harry emphasised that reducing production costs matters greatly because energy expenses have a direct impact on transportation, manufacturing, agriculture and other productive sectors. He insisted that the shift from economic reforms to what the President termed the "age of prosperity" must eventually be visible in the real economy.
PETROAN further noted that the prolonged shutdown of the refineries has taken a toll on businesses, workers, contractors, transport operators and communities that rely on the petroleum value chain.
According to Gillis-Harry, restoring the refineries to active operation would expand domestic refining capacity, bolster energy security, generate economic opportunities and ensure better utilisation of the country's existing national assets.
"This is not simply about restarting refineries. It is about putting national assets back to work for Nigerians," he said.
The association stated that higher domestic refining capacity, combined with privately owned refineries, could foster a more competitive downstream market. Increased competition, it argued, could drive efficiency and improve product availability, while possibly exerting downward pressure on the prices of petroleum products.
It cautioned, however, that prices would continue to be influenced by crude oil supply costs, exchange rates, taxes and logistics.
PETROAN stressed that any revival of the refineries must be supported by dependable crude oil supply, efficient operations and effective distribution of petroleum products.
The association acknowledged the President's reaffirmation of his administration's economic reforms and his stance against what he called "addictive subsidies."
Gillis-Harry said the focus should now be on building a sustainable petroleum market that safeguards consumers, attracts investment and allows legitimate businesses to operate in a transparent and predictable environment. He called for closer collaboration among the Federal Government, NNPCL, regulatory agencies, refinery operators, petroleum marketers and other industry stakeholders.
PETROAN urged the federal government to ensure that the new phase, which the President described in his speech as the point where "the age of reform has done its work," yields concrete benefits across the petroleum sector and the broader economy.
"Nigerians want to see the benefits of our natural resources in their businesses, their jobs, their transportation costs and their everyday lives. A functioning domestic refining sector can be an important part of achieving that," Gillis-Harry said.
The association reiterated its commitment to backing policies that promote energy security, strengthen domestic refining, improve petroleum product distribution and encourage investment.
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