Market News
ICYMI: Nigeria’s oil refineries to be fully privatised — Presidency - NIGERIAN TRIBUNE
The Presidency has disclosed that plans are underway by the President Bola Tinubu-led administration to fully privatise Nigeria-owned
oil refineries in Port Harcourt, Warri and Kaduna.
Sunday Dare, the President’s Special Adviser on Media and Public Communications, disclosed this in a reforms tracker shared on his X handle, highlighting the administration’s milestones in the oil sector, including plans to enhance local refining capacity.
“Full privatisation of Port Harcourt, Warri, Kaduna refining in the works. Local oil refining and production to peak steadily with
Dangote and modular refineries active. With full local refining capacity gradually being met, days of fuel queues to end,” the tracker reads.
Meanwhile, Nigeria’s four major refineries in Port Harcourt, Warri, and Kaduna, have a combined installed capacity of 445,000 barrels per day (bpd).
Despite this, they have operated below capacity for years, necessitating significant government expenditure on rehabilitation efforts.
The administration’s reforms, bolstered by the operation of the Dangote Refinery and modular refineries, have been described as the only way to transform the sector, reduce dependence on imports, and eliminate recurring fuel shortages.
