NNPC Targets Equity Partners To Resuscitate Three Refineries
The Nigerian National Petroleum Company (NNPC) Limited has announced plans to engage technical equity partners to revive its three state-owned refineries, which have remained idle for years despite multiple rehabilitation efforts and significant financial commitments.
Group Chief Executive Officer (GCEO) of NNPC, Mr. Bayo Ojulari, disclosed the development in a post on X (formerly Twitter) on Thursday, saying the move is part of the company’s renewed strategy to ensure that Nigeria’s refineries operate efficiently and sustainably.
According to Ojulari, the national oil company is currently conducting a detailed operational review of its facilities, with the goal of implementing practical measures that will restore the refineries to optimal capacity.
“We are looking ahead with optimism to ensure our refineries operate effectively. We are dedicating significant time to a detailed review and are eager to implement our insights,” he stated.
The NNPC’s three refineries, located in Port Harcourt, Warri, and Kaduna, have a combined refining capacity of about 445,000 barrels per day (bpd).
Industry analysts note that if successfully revived, the combined capacity of the NNPC refineries, together with the 650,000-bpd Dangote Petroleum Refinery, could position Nigeria to meet its local fuel demand and become a net exporter of refined petroleum products.
The latest initiative builds on previous rehabilitation efforts under former NNPC Group Chief Executive Officer, Mele Kyari, who had secured about $2.5bn in external contracts to overhaul the moribund refineries. However, progress has been slow, with the facilities yet to resume production.
Ojulari’s plan to bring in technical equity partners suggests a shift from full public funding toward a more collaborative model that leverages private expertise and investment to achieve sustainable operations.
Stakeholders have long argued that public-private partnerships remain critical to addressing the recurring inefficiencies in Nigeria’s downstream sector and to ensuring that the country’s refining assets deliver value to the economy.
With the new approach, industry watchers are hopeful that the NNPC’s renewed push for private participation could finally mark a turning point in Nigeria’s decades-long struggle to achieve domestic refining self-sufficiency.
NNPC Targets Equity Partners To Resuscitate Three Refineries is first published on The Whistler Newspaper
