By Milcah Tanimu
The Nigerian National Petroleum Company Limited (NNPCL) announced on Thursday its intention to halt the importation of refined petroleum products by December 2024, with all national refineries expected to be fully operational by then. NNPCL projected a revenue growth to N4.5 trillion by the end of 2023, emphasizing that the rehabilitation of the Port Harcourt Refining Company, managed by NNPCL, would be completed by December this year.
Mele Kyari, the Group Chief Officer of NNPCL, shared this information during a meeting with the Speaker of the House of Representatives, Tajudeen Abbas, where the lawmaker advocated for the privatization of Nigeria’s refineries. Oil marketers also affirmed the readiness of the Port Harcourt refinery, with operations potentially commencing in January 2024, leading to a significant reduction in refined petroleum product prices.
Kyari declared that Nigeria is on track to become a net exporter of petroleum products by the end of 2024, attributing the historic inactivity of refineries in the country to the petroleum subsidy. He noted that the removal of the subsidy is attracting 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 emphasized the commitment to making Nigeria a net exporter of petroleum products in 2024, eliminating the need for fuel importation.
Kyari pledged that by the end of 2023, the expected government revenue from NNPCL would reach N4.5 trillion, in compliance with the Petroleum Industry Act. The reduction in oil import funds is anticipated as the Port Harcourt refinery gears up for production, potentially saving foreign exchange for the government.
