In a decisive move to bolster its energy resilience, Nigeria has unveiled plans to establish a comprehensive national reserve of petroleum products. This initiative aims to shield the nation from potential disruptions in the global energy landscape.

Farouk Ahmed, the head of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, announced that the forthcoming reserve, mandated by national petroleum legislation, will be modeled after the United States' Strategic Petroleum Reserve. While Nigeria currently maintains a 30-day supply of petroleum products, the new reserve is expected to be significantly more substantial, though specific volumes have not been disclosed.

The establishment of this reserve coincides with Nigeria's efforts to enhance its domestic refining capabilities. The Dangote Refinery, boasting a capacity of 650,000 barrels per day, along with five smaller refineries, has markedly reduced the country's gasoline imports—from 50.8 million litres per day in September to 28.7 million litres per day last month. These facilities are projected to process 770,500 barrels per day through June, with aspirations to eventually eliminate the need for gasoline imports altogether.

Additionally, the Petroleum Industry Law empowers regulators to license private depots capable of storing petroleum products for extended periods, further enhancing the nation's energy security framework.

This strategic reserve initiative underscores Nigeria's commitment to achieving energy self-sufficiency and mitigating the impacts of global supply fluctuations.