The Federal Government says Nigeria must gradually move away from an economy that relies heavily on crude oil exports and focus more on domestic refining, petrochemicals and other industrial activities that create greater value locally.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stated this on Monday through his Technical Adviser on Regulation, Umar Gwandu, at the Nigeria Oil Refining Summit in Lagos.

Lokpobiri said the government was strengthening the Domestic Supply Obligation to ensure local refineries have reliable access to crude oil and improve the country’s energy security.

Meanwhile, the Chairman of the Crude Oil Refiners Association of Nigeria, Momoh Oyarekhua, said some domestic refineries still struggle to obtain crude at commercially viable prices despite Nigeria’s abundant resources.

He called for stronger enforcement of the Domestic Supply Obligation, full institutionalisation of the naira-for-crude deal and improved infrastructure to support local refining and reduce dependence on imported petroleum products.