The Major Energies Marketers Association of Nigeria (MEMAN), in collaboration with S&P Global Energy, has advocated for the enhancement of domestic oil refining capacities and the establishment of strategic reserves. This initiative aims to mitigate the impact of potential oil market shocks and ensure energy security for the nation. The organizations emphasize that increasing local refining capabilities will not only stabilize supply but also contribute to economic growth and job creation within the sector.
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