The Nigerian presidency has announced plans to fully privatize the country’s state-owned refineries, including those in Port Harcourt, Warri, and Kaduna. ...CONTINUE READING>>>
According to Sunday Dare, the special adviser to President Bola Tinubu on media and public communications, the privatization process is part of a broader reform to boost local refining capacity and end reliance on imported petroleum products.
Dare highlighted that the government aims to meet domestic fuel demands through full privatization alongside the contributions of modular refineries and the Dangote Refinery. This, he stated, would eventually eliminate fuel shortages in the country.
Despite a combined installed capacity of 445,000 barrels per day, Nigeria’s four major refineries have operated far below optimal levels for decades. Over N11 trillion has been spent on their rehabilitation between 2010 and 2023, yet they continue to underperform, leaving the country dependent on imported fuel.
Earlier commitments by the Tinubu administration to have the Port Harcourt Refinery operational by December 2023 and other refineries functional by 2024 have not been met, further intensifying the need for a shift toward privatization.
