CORAN Chair: Africa’s Energy Security Lies in Local Refining
Africa’s long-term energy security depends on its ability to refine crude oil locally, the Chairman of the Crude Oil Refinery Owners Association of Nigeria (CORAN), Mr. Momoh Jimah Oyarekhua, has declared.
Speaking at the CORAN Summit themed “Refining: Key to Energy Security in Africa,” Oyarekhua said energy security means more than the ability to switch on a light or fuel a car — it means stability, sustainability, and sovereignty.
He lamented that Africa produces over seven million barrels of crude oil daily but continues to import most of its petroleum products, draining foreign exchange and stifling industrial growth. “Every imported litre represents lost jobs, lost technology, and lost opportunities,” he said.
Oyarekhua painted an inspiring picture of an Africa that refines its own oil, creating skilled jobs, stabilizing fuel prices, and insulating itself from global market shocks. “Imagine a continent where crude oil from the Niger Delta, the Gulf of Guinea, and the Rift Valley is refined right here at home,” he said.
He stressed that expanding refining capacity is central to Africa’s economic transformation, enabling industrialisation, job creation, and trade under the African Continental Free Trade Area (AfCFTA). Nigeria, with its vast resources and entrepreneurial drive, he said, must lead the charge.
“The AfCFTA presents a unique opportunity to build an integrated African refining and energy market,” he added, emphasizing cross-border partnerships and infrastructure sharing.
Oyarekhua praised the progress of modular and large-scale projects such as the Dangote Refinery but cautioned that challenges — from financing and regulation to feedstock supply — must be addressed. “Without reliable crude flow, refineries will sit idle. Energy security begins at the wellhead,” he warned.
He urged policymakers and investors to ensure that the benefits of refining — jobs, technology, and industrial value — extend across society. “A nation that cannot fuel its homes and industries,” he concluded, “cannot claim sovereignty or stability.”
