The Nigerian National Petroleum Company Limited has announced its plan to halt the importation of refined petroleum products by December 2024, coinciding with the full operational status of all national refineries.
The company also projected an increase in revenue to N4.5 trillion by the conclusion of 2023.
Additionally, the rehabilitation of the Port Harcourt Refining Company, managed by NNPCL, is slated for completion by December this year.
During a meeting with the Speaker of the House of Representatives, Tajudeen Abbas, NNPCL’s Group Chief Officer, Mele Kyari, disclosed these developments. The Speaker advocated for the privatization of Nigeria’s refineries during this session.
Furthermore, oil marketers confirmed the readiness of the Port Harcourt refinery, anticipating operations to commence in January 2024, predicting a significant reduction in refined petroleum product prices.
Kyari expressed confidence that Nigeria was on the path to ceasing refined petroleum product imports by 2024, emerging as a net exporter within the same timeframe.
He detailed plans for the operational commencement of the Port Harcourt, Warri, and Kaduna refineries.
Attributing the long-standing inactivity of Nigerian refineries to petroleum subsidies, Kyari highlighted the removal of the subsidy, which is attracting substantial private-sector investments into the sector.
He reaffirmed the company’s commitment to achieving full operational status for all refineries and positioning Nigeria as a net exporter of petroleum products by the end of 2024.
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.
“This is the commitment we are giving today and you can hold us accountable for this. In 2024, many of the initiatives including the rehabilitation of our refineries and also the efforts of small-scale refineries, and the upcoming Dangote refinery, will make Nigeria a net exporter of petroleum products in 2024.
“We will no longer be talking about fuel importation by the end of 2024. I am very optimistic that this will crystallise,” he said.
Kyari committed to reaching a projected government revenue of N4.5 trillion by the close of 2023, emphasizing that the Nigerian National Petroleum Company Limited NNPCL is now delivering value to shareholders in adherence to the provisions outlined in the Petroleum Industry Act.
