The Group Managing Director of the Nigerian National Petroleum Company (NNPC), Mele Kyari has assured that the oil producing and supplying company would end the importation of refined petroleum products by December 2024.
Kyari explained that this would be possible because all the country’s refineries would be operational by then.
He also projected that the national oil firm would grow its revenue to N4.5tn at the end of 2023 adding that the rehabilitation of the Port Harcourt Refining Company, under NNPCL’s management, would be completed by December this year.
The NNPC boss disclosed this when he led officials of the company to a meeting with the Speaker of the House of Representatives, Tajudeen Abbas.
Kyari during the meeting in Abuja, declared that Nigeria was on track to stop the importation of refined petroleum products in 2024 and would emerge as a net exporter of the commodities in the same year.
He also provided explanations on the commencement of operations of the Port Harcourt, Warri, and Kaduna refineries.
The company’s helmsman said all refineries would become fully operational, stressing that the country would become a net exporter of petroleum products by the end of 2024.
He blamed the petroleum subsidy for inactive refineries in Nigeria over the years, stressing that the removal of the subsidy was already attracting a lot of private-sector investments.
“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 said.
“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 pledged that by the end of 2023, the expected government revenue from the company would hit N4.5tn, as NNPCL now returns value to shareholders in compliance with the Petroleum Industry Act.
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