The Nigerian National Petroleum Company Limited (NNPCL) has set an ambitious goal to cease the importation of refined petroleum products by December 2024, projecting a substantial revenue growth of N4.5tn by the end of 2023. Group Chief Officer Mele Kyari announced these plans during a meeting with the Speaker of the House of Representatives, Tajudeen Abbas.
Kyari emphasized the ongoing rehabilitation of the Port Harcourt Refining Company, managed by NNPCL, expecting completion by December this year. Oil marketers confirmed the readiness of the Port Harcourt refinery, anticipating operations to commence in January 2024, potentially leading to a significant drop in refined petroleum product prices.
The move aligns with NNPCL's commitment to make Nigeria a net exporter of petroleum products by 2024, marking a substantial shift in the country's energy landscape. Additionally, calls for the privatization of Nigeria's refineries were made during the meeting, as the Speaker highlighted the need for multi-dimensional uses and increased efficiency to compete with emerging refineries, such as the Dangote refinery.
