The Nigerian National Petroleum Company Limited announced on Thursday that it will stop importing refined petroleum products by December 2024, when all of the country’s refineries will be functioning.
It also predicted that the national oil company’s income would reach N4.5 trillion by the end of 2023, and that the rehabilitation of the Port Harcourt Refining Company, which is managed by NNPCL, would be finished by December of this year.
Mele Kyari, Group Chief Officer of the NNPCL, announced this when he accompanied company executives to a meeting with Speaker of the House of Representatives Tajudeen Abbas, who urged for the privatisation of Nigeria’s refineries.
Also, on Thursday, oil marketers confirmed the readiness of the Port Harcourt refinery, stating that its operations, which might begin in January 2024, will result in a significant decline in the pricing of refined petroleum products.
Kyari stated that Nigeria was on pace to stop importing refined petroleum products in 2024 and become a net exporter of commodities in the same year.
He also explained the start of operations at the Port Harcourt, Warri, and Kaduna refineries.
The company’s CEO stated that all refineries will be completely operational by the end of 2024, and that the country would become a net exporter of petroleum products by then.
cc: Punch Ng
