The Nigerian government is weighing the sale of its refineries in Port Harcourt, Warri and Kaduna as part of a broader effort to reform the petroleum sector. Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, told Bloomberg TV that the sale is one option under consideration, provided a suitable technical partner with the necessary capital can be found. Historically, the refineries have depended on subsidies to stay operational; with those subsidies now removed, the government aims to introduce market efficiency and transparency, ensuring the industry functions on purely commercial terms without distortions.
This initiative forms a key component of President Tinubu’s reform agenda, which seeks to restore efficiency and profitability to the sector. In recent months, the Nigerian National Petroleum Company Limited (NNPCL) has begun revamping its operations. In May, the Port Harcourt refinery was shut down for routine maintenance, and the company has since announced a search for technical equity partners capable of managing its refineries to international standards. NNPCL Group Chief Executive Officer Bayo Ojulari emphasized that the firm is looking for partners who can operate the Port Harcourt, Warri and Kaduna facilities efficiently.
The potential sale of the refineries represents a significant development in Nigeria’s petroleum reform drive. With the government committed to eliminating subsidies and implementing market‑based reforms, the sector is poised for substantial change. As the search for technical partners continues, the future of Nigeria’s refineries remains a focal point both domestically and internationally, and the outcome will be crucial for the long‑term viability and efficiency of the country’s petroleum industry.
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