Nigeria @ 66: ‘Age of Prosperity’ Must Reach Real Economy, PETROAN Tells Tinubu

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said the “age of prosperity” announced by President Bola Ahmed Tinubu must be felt in the real economy and in the daily lives of Nigerians.

The association also called on the President to direct the management of the Nigerian National Petroleum Company Limited (NNPC) to restart and sustainably operate the nation’s government-owned refineries before the January election period.

Speaking on Thursday, PETROAN welcomed the petroleum and energy-related messages in the President’s Independence Day address. It described them as a sign of the federal government’s continued focus on using the country’s natural resources to support growth and improve lives.

The association’s national president, Dr Billy Gillis-Harry, singled out the President’s statement that “we will use our gas to power new industries.”

He said Nigeria’s gas resources can supply the energy needed to power industries, create jobs, cut production costs and make Nigerian businesses more competitive.

PETROAN also welcomed the President’s statement that oil theft has reduced. It said sustained progress in this area can raise crude oil production, improve government revenue and strengthen confidence in the petroleum sector.

Gillis-Harry said the emphasis on reducing the cost of production is important because energy costs directly affect transportation, manufacturing, agriculture and other productive activities. He stressed that the move from economic reforms to what the President called the “age of prosperity” must ultimately show in the real economy.

PETROAN also said prolonged refinery inactivity has hurt businesses, workers, contractors, transport operators and communities that depend on the petroleum value chain.

According to Gillis-Harry, returning the refineries to productive operation would increase domestic refining capacity, strengthen energy security, create economic opportunities and make better use 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 said increased domestic refining capacity, alongside privately owned refineries, could create a more competitive downstream market. Greater competition, it said, could encourage efficiency and improve product availability, while potentially putting downward pressure on petroleum product prices.

It cautioned, however, that prices would still depend on crude oil supply costs, exchange rates, taxes and logistics.

PETROAN stressed that refinery revival must be backed by reliable crude oil supply, efficient operations and effective distribution of petroleum products.

The association acknowledged the President’s reaffirmation of the administration’s economic reforms and his position against what he described as “addictive subsidies.”

Gillis-Harry said the priority should now be to build a sustainable petroleum market that protects consumers, encourages investment and lets legitimate businesses operate in a transparent and predictable environment. He called for stronger cooperation 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,” delivers tangible benefits across the petroleum sector and the wider 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 said it remains committed to supporting policies that promote energy security, strengthen domestic refining, improve petroleum product distribution and encourage investment.