The Federal Government has announced plans to fully privatize its state-owned refineries, including those in Port Harcourt, Warri, and Kaduna.
This was disclosed in a statement by the Special Adviser to the President on Media and Public Communications, Sunday Dare, in a bulletin shared on his official X (formerly Twitter) handle.
The statement also highlighted significant achievements in the oil and gas sector under the current administration.
Dare stated that the full privatization of Nigeria’s refineries is “in the works,” though he did not provide a timeline.
The four national refineries, which have been non-functional for over 40 years despite significant investments, have contributed to Nigeria’s ongoing reliance on imported petrol.
This dependence has exerted significant pressure on the nation’s foreign exchange reserves.
Dare said, “Full privatization of Port Harcourt, Warri and Kaduna refining in the works.
“With full local refining gradually being met, days of fuel queues to end.”
Recall, it was reported in August rlthatsthe Nigerian National Petroleum Company Limited planned to engage private companies for the operation and maintenance of its refineries in Kaduna and Warri.
According to NNPC, the private companies engaged to operate and maintain the Kaduna and Warri refineries will be crucial in ensuring the refineries’ reliability and sustainability. Their involvement is aimed at meeting Nigeria’s petrol supply needs and enhancing the country’s energy security.
“The Nigerian National Petroleum Company (NNPC) Limited is an integrated Oil and Gas company engaged in petroleum/gas exploration, refining and petrochemicals, transportation, storage, and marketing.
“NNPC Ltd is seeking to engage reputable and credible Operations & Maintenance (O&M) companies to operate and maintain two of its refineries, Warri Refining and Petrochemical Company (WRPC) and Kaduna Refining and Petrochemical Company (KRPC), to ensure reliability and sustainability to meet the nation’s fuel supply and energy security obligations,” the circular said.
The absence of functional refineries in Nigeria has forced the country to rely heavily on imported refined petroleum products, which has had a significant negative impact on the national economy.