Can Nigeria attain petroleum export status?

Nigeria's ambition to become a full petroleum exporting nation within two years is facing significant challenges despite recent licensing of 83 refineries by the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The Petroleum Products Retail Outlets Owners Association of Nigeria believes that this move could potentially transform the country's petroleum industry. However, in a recent interview on CNBC Africa, Kelvin Emmanuel, the CEO of Dairy Hills, raised critical questions about the country's ability to meet the crude requirements for these refineries and achieve this ambitious goal. Emmanuel pointed out that while licenses have been granted, the actual construction and operation of refineries remain a major challenge. Currently, Nigeria's production capacity may not be sufficient to feed all the licensed refineries, as highlighted by the limited success of existing facilities like Dangote Refinery. The conversation also delved into issues surrounding technical capacity, project financing, and the stability of the petroleum industry in Nigeria.