Tinubu vows to revive dormant NNPC refineries

President Bola Tinubu has reiterated his determination to revitalize Nigeria's dormant national refineries, warning against them becoming stranded investments. Speaking at the 20th OTL Africa Downstream Energy Week in Lagos, Tinubu, alongside Mrs Patience Oyekunle, the Permanent Secretary of the Ministry of Petroleum Resources, outlined the government's priorities for the petroleum industry.

The Port Harcourt, Warri and Kaduna refineries, operated by the Nigerian National Petroleum Company Limited, have remained dormant despite significant investment in turnaround maintenance. The NNPC has signed a memorandum of understanding with two Chinese firms to revamp these facilities. Tinubu emphasized a more rigorous and commercially sustainable approach to rehabilitation, including technical assessments, stronger partnerships and improved operational discipline.

The President stressed the importance of Nigeria refining more of its crude, creating value domestically and becoming a reliable energy supplier to Africa. This shift aims to transition Nigeria from an industry reliant on imports to one driven by domestic refining, private investment, market efficiency, value addition and regional competitiveness.

Large-scale private refining capacity, exemplified by the Dangote Petroleum Refinery reaching its 650,000 barrels per day nameplate capacity, marks a significant turning point for Nigeria's petroleum industry, potentially enabling the country to become a net exporter of refined petroleum products and supply other African nations.