The Nigerian National Petroleum Company Limited (NNPC) is seeking technical equity partners to revive its three refineries, which have remained idle despite significant past investments. Group Chief Executive Officer Bayo Ojulari says the move is intended to ensure the refineries operate effectively. With a combined capacity of 445,000 barrels per day, the facilities could help Nigeria end its reliance on imported fuel and become a net exporter, especially when paired with the Dangote Petroleum Refinery.
Ojulari noted that NNPC is devoting considerable time to a detailed review and is eager to apply its findings to get the refineries up and running. This initiative follows earlier attempts to revive the moribund plants, including external partnerships worth $2.5 billion in contracts secured by former NNPC head Mele Kyari for rehabilitation.
The decision to seek technical equity partners represents a significant step toward reducing Nigeria’s dependence on imported fuel. With the right partnerships and investments, the refineries could operate efficiently, creating jobs and generating revenue. The revival is also expected to benefit the broader economy by lowering fuel import costs and opening opportunities for local businesses.
Reviving the refineries is a crucial component of Nigeria’s plan to develop its oil and gas sector and become a major player in the global energy market. While challenges such as securing funding and suitable partners remain, a strategic approach and strong support could enable NNPC to overcome these obstacles and achieve its goals, ultimately strengthening the country’s economy. Monitoring the progress of this initiative in the coming months will be essential.
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