The Nigerian National Petroleum Company Limited (NNPCL) has announced its intention to halt the importation of refined petroleum products by December 2024, as all national refineries are expected to be fully operational by then.
NNPCL also projects a revenue growth to N4.5 trillion by the end of 2023, with the rehabilitation of the Port Harcourt Refining Company set to conclude by December this year.
Mele Kyari, the Group Chief Officer of NNPCL, revealed these plans during a meeting with the Speaker of the House of Representatives, Tajudeen Abbas. The Speaker advocated for the privatization of Nigeria’s refineries during the discussion.
Oil marketers confirmed the readiness of the Port Harcourt refinery, stating that its operations, scheduled to commence in January 2024, would result in a significant reduction in the prices of refined petroleum products.
Kyari assured that Nigeria is on track to end the importation of refined petroleum products in 2024, transforming into a net exporter of commodities by the same year. He provided details on the commencement of operations for the Port Harcourt, Warri, and Kaduna refineries.
The NNPCL chief attributed the prolonged inactivity of refineries in Nigeria to the petroleum subsidy, noting that the removal of the subsidy has attracted substantial private-sector investments.
Kyari stated, “I can confirm to you that by the end of December this year, we will start the Port Harcourt refinery; early in the first quarter of 2024, we will start the Warri refinery and by the end of 2024, Kaduna refinery will come into operation.”
He expressed optimism that Nigeria would become a net exporter of petroleum products by 2024, highlighting the impact of ongoing initiatives, refinery rehabilitation efforts, and upcoming projects like the Dangote refinery.
Kyari pledged that by the end of 2023, the government’s expected revenue from NNPCL would reach N4.5 trillion, as the company aligns with the Petroleum Industry Act, returning value to shareholders.
In October 2023, Nigeria was spending approximately N843 billion monthly on the importation of Premium Motor Spirit, commonly known as petrol, following the cessation of oil swaps by NNPCL.
