Nigeria will start exporting petroleum products in 2024 – NNPC

The head of NNPC claimed that Nigeria shouldn’t be exporting all of its crude at this time.

By the end of the next year, according to Mele Kyari, Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Nigeria will start to export petroleum products on a net basis.

Speaking on Monday at the PENGASSAN Energy and Labour Summit 2023 in Abuja, Kyari asserted that Nigeria shouldn’t currently be exporting all of its crude because it is a resource-dependent nation.

“Today, we export 100% of our productions; no country relying on natural resources accomplishes this, so we must fulfil our mandate. I don’t want to talk about it; you will see it when it is finished, Kyari stated.

So, I won’t inform you that we’re remodelling our refineries. There are way too many PowerPoint talks there. So, when it’s finished, you’ll be able to see it. We are sick of talking about it, so I don’t want to talk about it.

However, we must make our nation a net exporter of petroleum products, and we are getting close.

I firmly believe that this nation will start exporting petroleum goods in 2024, though I won’t say when so as to avoid stirring up more resentment.

He explained that this meant Nigerians will have enough to consume both domestically and abroad.

READ ALSO: NNPCL clarifies purported plans to raise petrol prices

However, the head of NNPC made it clear that domestic crude oil refining would not automatically lower the local price of petrol, which he claimed was determined by the international price.

The Federal Government has promised Nigerians that some of the government-owned refineries will soon resume operation as part of efforts to stop the importation of petrol into the nation. Government-owned refineries have been inactive for years.

Senator Heineken Lokpobiri, Minister of State for Petroleum Resources, stated that the Port Harcourt refinery would be operational again by December during an inspection trip of the restoration work being done at the plant of the Port Harcourt Refining Company (PHRC) Ltd. in Port Harcourt.

Additionally, the Dangote Refinery is anticipated to begin operations soon, which would result in more crude being refined in the nation.

Production was supposed to begin between July and August of this year, according to Dangote Industries Limited’s president, who made that announcement at the commissioning of the 650,000 bpd refinery in Lagos State in May. However, that date has been postponed for an unspecified period of time.

“The government is investing money in this, and NNPC is investing alongside partners. We think the revolution will really take off in 2024, when people will have access to cheaper, cleaner gasoline.

It has already begun to happen; numerous state governments have purchased buses that run on compressed natural gas. Together with our partners, we are working on large projects that will introduce CNG to the market. We are confident that this will benefit our nation, Kyari continued.