The Nigerian National Petroleum Company Limited announced yesterday that as all of the nation’s refineries would be up and running by then, it would stop importing refined petroleum products.
Additionally, it predicted that by the end of 2023, the national oil company’s revenue would have increased to N4.5 trillion, and that by December of this year, the Port Harcourt Refining Company, which is managed by NNPCL, would have fully recovered.
The Speaker of the House of Representatives, Tajudeen Abbas, called for the privatization of Nigeria’s refineries during a meeting that NNPCL Group Chief Officer Mele Kyari led company representatives to.
In addition, oil marketers announced on Thursday that the Port Harcourt refinery was ready to start operations in January 2024, a move that they said would result in a significant decrease in the cost of refined petroleum products.
At the meeting in Abuja, Kyari 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, adding that the country would become a net exporter of petroleum products by the end of 2024.
Morenikeji Adedayo is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
