NNPC To End Fuel Import By December 2024, Projects N4.5 Trillion Revenue

The Nigerian National Petroleum Company Limited, on Thursday, said that by December 2024, the organization will end the importation of refined petroleum products, as all of the country’s petroleum refineries will be operational at that time.

It also projected that the Port Harcourt Refining Company, which is managed by NNPCL, would be fully restored by December 2023, which will enable the national oil firm’s revenue to increase to N4.5 trillion by the end of 2023.

This was disclosed by the Group Chief Officer of the NNPCL, Mele Kyari, when he led officials of the company to a meeting with the Speaker of the House of Representatives, Tajudeen Abbas, who urged for the privatization of Nigeria’s refineries.

Kyari then said that the existence of petroleum subsidy was the reason for Nigeria’s non-functional refineries, saying that since the removal of subsidy, significant private-sector investments had come into the industry.

Additionally, oil marketers verified the Port Harcourt refinery’s preparedness on Thursday, stating that the refinery’s operations, which might start in January 2024, will result in a significant decrease in the price of refined petroleum products.

During the meeting, Kyari stated that Nigeria is on track to become a net exporter of refined petroleum products in 2024 as the country is on course to stop importing petroleum products by then.

He also gave an explanation of when the refineries in Port Harcourt, Warri, and Kaduna started operating.

Kyari also said that by the end of 2024, all refineries will be completely operational, forecasting that the country would turn a profit on petroleum products exports.

He said, “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.”

Ozioma Samuel-Ugwuezi 

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