Nigeria’s Refining Capacity To Hit 1.3million Barrel Per Day By 2023

Nigeria is poised to refine up to 1.3 million barrels of crude oil daily by 2023 to meet her growing fuel demand.

The International Institute for Petroleum Energy Law and Policy, IIPELP, an energy law and policy think-tank revealed this in its recent policy analysis and brief on the government’s review of operations in the country’s downstream, which saw it increase petrol pump price.

It said at the nation’s current crude oil production level, such demand would be huge on the country, hence, the need for proactive policy measures to avert possible instances of energy crisis.

“In IIPELP’s analysis, by 2023, given the current rate of growth, Nigeria’s refining capacity would have to grow to 1.3 million barrels of oil per day which currently exceeds government entitlement crude under current fiscal arrangements.”

“This means that Nigeria would need to import crude to feed potentially an expanded refinery capacity or compel its partners’ entitlement crude to be delivered to the domestic market,” the institute said  in the brief.