The Nigerian National Petroleum Company Limited declared on Thursday that it will stop importing refined petroleum products by December 2024 since all of the nation’s refineries will be running by then.
Additionally, it predicted that NNPCL-managed Port Harcourt Refining Company will be fully operational by December 2023, allowing the national oil company to raise its income to N4.5 trillion by the end of 2023.
When he escorted company representatives to a meeting with Speaker of the House of Representatives Tajudeen Abbas, who advocated for the privatization of Nigeria’s refineries, NNPCL Group Chief Officer Mele Kyari revealed this.
Then, Kyari said that the reason Nigeria’s refineries weren’t operating was because of the petroleum subsidy, adding that the industry had seen a large influx of private sector capital once the subsidy was eliminated.
Furthermore, on Thursday, oil marketers confirmed that the Port Harcourt refinery was ready, claiming that the refinery’s operations, which might begin in January 2024, will cause the price of refined petroleum products to drop significantly.
During the meeting, Kyari said that Nigeria is expected to cease importing petroleum products by 2024, making it a net exporter of refined petroleum products by then.
He also clarified the commencement dates of operations for the refineries in Warri, Kaduna, and Port Harcourt.
In addition, Kyari predicted that all refineries would be fully operational by the end of 2024 and that the nation would profit from the export of petroleum products.
“I can assure you that the Port Harcourt refinery will begin operations by the end of December of this year; the Warri refinery will begin operations early in the first quarter of 2024; and the Kaduna refinery will begin operations by the end of 2024,” he stated.
We are making this commitment today, and you may hold us responsible for it. Nigeria will be a net exporter of petroleum products in 2024 thanks to a number of initiatives, such as the renovation of our refineries, the work of local refineries, and the planned Dangote refinery.
