NNPCL’s Mele Kyari Reveals Bold Strategy to Halt Fuel Imports, Aims for Full Operation of Nigerian Refineries by 2024

The Nigerian National Petroleum Company Limited (NNPCL) has boldly declared its commitment to cease the importation of refined petroleum products by December 2024. The announcement was made during a meeting led by the Group Chief Officer, Mele Kyari, with Speaker Tajudeen Abbas of the House of Representatives.

The NNPCL revealed projections indicating substantial growth in the national oil firm’s revenue, aiming to reach N4.5 trillion by the end of 2023. Furthermore, the rehabilitation of the Port Harcourt Refining Company is slated for completion by December this year.

During the meeting, Kyari highlighted the company’s dedication to making all refineries fully operational. He emphasized that the Port Harcourt refinery is set to commence operations by the end of December 2023, followed by the Warri refinery in the first quarter of 2024, and the Kaduna refinery by the close of 2024.

The Group Chief Officer attributed the historical challenges faced by Nigerian refineries to the petroleum subsidy, asserting that its removal has stimulated private-sector investments. Kyari confidently stated, “I am very optimistic that this will crystallize,” referring to Nigeria becoming a net exporter of petroleum products by the end of 2024.

Oil marketers echoed the sentiment, confirming the readiness of the Port Harcourt refinery and predicting a substantial drop in refined petroleum product prices once operations commence in January 2024.

Kyari concluded by pledging that by the end of 2023, the NNPCL’s contribution to government revenue is expected to reach N4.5 trillion, aligning with the provisions of the Petroleum Industry Act. The bold move signifies a transformative phase for Nigeria’s energy sector, with the nation poised to end fuel importation and emerge as a net exporter of petroleum products in the coming years.