The Nigerian National Petroleum Company Limited (NNPCL) has concluded arrangement to end the importation of refined petroleum products by December 2024.
This was even as the oil firm promised to raise its revenue to N4.5 trillion at the end of 2023, saying that the rehabilitation of the Port Harcourt Refining Company would be completed by December this year.
The Group Chief Executive Officer of the NNPCL, Mele Kyari stated this when he led a delegation of the company’s senior management team to a meeting with the Speaker of the House of Representatives, Tajudeen Abbas on Thursday in Abuja.
He noted that Nigeria has advanced plans to stop the importation of refined petroleum products in 2024 and would also emerge as a net exporter of the commodities in the same year.
Kyari stated that all the country’s refineries in Port Harcourt, Warri, and Kaduna would be operational by 2024.
He linked the non-functional refineries in Nigeria over the years to constant payment of petroleum subsidy, saying that subsidy removal is already attracting significant private-sector investment.
“I can confirm to you that by the end of December this year, we will start the Port Harcourt refinery; early in the first quarter of 2024, we will start the Warri refinery and by the end of 2024, Kaduna refinery will come into operation.
“This is the commitment we are giving today and you can hold us accountable for this. In 2024, many of the initiatives including the rehabilitation of our refineries and also the efforts of small-scale refineries, and the upcoming Dangote refinery, will make Nigeria a net exporter of petroleum products in 2024.
“We will no longer be talking about fuel importation by the end of 2024. I am very optimistic that this will crystallise,” he added.
Kyari disclosed that NNPCL is targeting a profit increase of N2 trillion when the 2022 audited financial statements (AFS) would be released, noting that since July this year, the company started the payment of dividends to its shareholders.
He informed that the company has made robust plans for the supply of sufficient petroleum products, especially Premium Motor Spirit (PMS) beyond the ember months and the new year festivities.
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