Kenneth Okonkwo Responds as Port Harcourt Refinery Shuts Down Shortly After Inauguration

Kenneth Okonkwo, a lawyer and prominent member of the Labour Party (LP), has reacted to the report that operations at the Port Harcourt Refinery have been halted. According to Punch, the refinery ceased operations just days after its inauguration by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari....CONTINUE READING>>>

In response, Okonkwo shared his thoughts on his official X (formerly Twitter) handle on Sunday. He highlighted the economic benefits of refining crude oil locally, emphasizing the wide range of products that can be derived from the process.

“There are more than twenty different products that can be obtained from refining crude oil, including Premium Motor Spirit (PMS), diesel, kerosene, and jet fuel. If they refine the product in Nigeria, we will have enough for our consumption and surplus for export. Having enough for our consumption will automatically reduce our imports, thereby conserving our foreign exchange,” Okonkwo wrote.

His statement underscores the need for functional local refineries to reduce Nigeria’s dependency on imported petroleum products, ease the pressure on foreign reserves, and create a pathway for potential export revenue.