The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a major change in how it will finance the Port Harcourt and Warri refineries, saying the facilities will no longer depend on loans backed by crude oil production.
Speaking at the Nigeria Oil and Gas Conference in Abuja, the Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, said the company is adopting a performance-based funding model aimed at making the refineries financially independent and commercially viable.
According to him, future funding will depend on the operational performance and productivity of the refineries rather than crude oil volumes.
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He explained that the facilities are expected to generate enough value to attract investment and finance their own operations.
Ojulari said NNPC has also reviewed its investment portfolio by removing projects that lack clear financing plans or realistic prospects for profitability.
He added that the company recently introduced a new financing approach for major infrastructure projects, using the Ajaokuta-Kaduna-Kano gas pipeline as an example, where funding is tied to the project’s expected performance.
The NNPC boss noted that the company’s refinery plans will rely on strategic partnerships in engineering, technology, logistics and marketing to improve efficiency and ensure long-term sustainability.
He reaffirmed the company’s commitment to restoring the Port Harcourt, Warri and Kaduna refineries, expressing confidence that they can become profitable businesses capable of attracting investment and operating without depending on government-backed loans.
