The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to cease the importation of refined petroleum products by December 2024, coinciding with the expected full operation of all national refineries. The Group Chief Executive Officer of NNPCL, Mele Kyari, revealed this during a meeting with the Speaker of the House of Representatives, Tajudeen Abbas, where discussions on refinery operations and privatization took center stage.
Kyari assured that the Port Harcourt Refining Company’s rehabilitation, under NNPCL’s management, would conclude by December 2023. He outlined the timeline for the commencement of operations at the Port Harcourt, Warri, and Kaduna refineries, emphasizing Nigeria’s transition to becoming a net exporter of petroleum products by the end of 2024.
Attributing the historical inactivity of refineries to the petroleum subsidy, Kyari stated that private-sector investments were increasing following subsidy removal, leading to the revival of national refineries.
He pledged that NNPCL’s revenue would reach N4.5 trillion by the end of 2023, aligning with the company’s commitment to delivering value to shareholders under the Petroleum Industry Act.
Oil marketers affirmed the readiness of the Port Harcourt refinery, anticipating its operational kickoff in January 2024. The President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, confirmed the refinery’s state of readiness and predicted a substantial reduction in refined petroleum product prices.
The discussion also touched upon the need for the privatization of Nigeria’s refineries, with the Speaker advocating for multi-dimensional uses and increased efficiency in the sector. The House of Representatives expressed concern over oil theft, leading to the inauguration of a special committee to address this issue, which is impacting revenue, forex availability, and contributing to inflation in the country.