In a bid to tackle Nigeria’s long-standing refinery crisis, the Nigerian National Petroleum Company, NNPC Limited, says it is engaging potential Chinese investors on the revival of the nation’s four refineries.
The move comes as concerns grow over declining production, heavy fuel importation, and the rising cost of petroleum products.
Nigeria’s refining sector has for years been weighed down by ageing infrastructure, poor maintenance, and massive financial losses, forcing repeated shutdowns and deepening the country’s dependence on imported fuel.
NNPC Limited Group Chief Executive Officer, Bayo Ojulari, says the four refineries have been operating far below capacity, describing their performance as economically unsustainable.
According to the NNPC Limited boss, reviving the refineries will require substantial investment, improved technology, and the deployment of more drilling rigs to boost crude oil production.
He explained that discussions with prospective investors are aimed at repositioning the refineries to operate efficiently, reduce fuel imports, and strengthen Nigeria’s energy security.
The company maintains that fixing domestic refining is critical to stabilising petroleum supply and cushioning Nigerians from frequent price shocks.
As efforts continue to address these long-standing challenges, many Nigerians remain hopeful that a functional refining sector will eventually translate into more affordable and readily available petroleum products.
(Editor: Terverr Tyav)
