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The Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has outlined a vision for Nigeria to transition into a net exporter of petroleum products by the upcoming year.
Addressing the audience at the 2023 PENGASSAN Energy and Labour Summit held in Abuja on Monday, Kyari emphasized that Nigeria, being a resource-dependent nation, should no longer continue its current practice of exporting 100 percent of its crude oil production.
He stated, “At present, we export 100 percent of our crude oil, a practice uncommon among resource-dependent nations. This is why we are determined to fulfill our mission. I prefer not to make promises; rather, we will demonstrate our commitment through action. I won’t dwell on empty rhetoric, such as discussing refinery improvements, as it’s time for tangible results. We’re fatigued by words.”
Kyari added, “Our primary objective is to ensure that Nigeria becomes a net exporter of petroleum products, and this goal is attainable. While I won’t specify a date to avoid any potential disappointment, I firmly believe that by 2024, we will see Nigeria emerge as a net exporter of petroleum products.”
According to him, this means that Nigerians will have access to ample volumes of petroleum within the country, and those who can afford to do so may choose to leave the country.
The head of NNPC, however, emphasized that refining crude oil within the country might not necessarily lead to a reduction in the local price of petrol, as it is influenced by international prices.
Government-owned refineries have remained dormant for years. Nevertheless, the Federal Government has reassured Nigerians that some of these refineries will soon become operational again as part of their efforts to eliminate the need for petroleum importation.
During an inspection tour of the ongoing rehabilitation work at the Port Harcourt Refining Company (PHRC) Ltd. plant in Port Harcourt, the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, declared that the Port Harcourt refinery would be back in operation by December.
Additionally, the Dangote Refinery is on the verge of commencing production, which will result in more crude oil being refined within the country. The President of Dangote Industries Limited announced during the inauguration of the 650,000 bpd refinery in Lagos State in May that production was expected to commence between July and August of this year. However, this has been postponed to an undisclosed date.
“Government is allocating funds to support these initiatives, and NNPC is collaborating with partners. We believe that by 2024, the transformation will be evident, and people will have access to cleaner and more affordable fuel. Progress is already underway, as several buses have been converted, and various state governments have purchased buses running on Compressed Natural Gas (CNG). We are executing significant projects in partnership with CNG providers, and we are confident that this will benefit our nation,” Kyari added.
