President Bola Tinubu has reaffirmed his administration’s commitment to reviving Nigeria’s dormant Port Harcourt, Warri and Kaduna refineries, insisting that the facilities will not be allowed to become stranded investments.
Tinubu, represented by the Permanent Secretary of the Ministry of Petroleum Resources, Patience Oyekunle, disclosed this on Monday at the 20th OTL Africa Downstream Energy Week in Lagos.
He said the government was adopting a more commercially sustainable approach to rehabilitating the refineries, supported by technical assessments, stronger partnerships and improved operational discipline.
The Nigerian National Petroleum Company Limited, which manages the facilities, has signed a memorandum of understanding with two Chinese firms for their rehabilitation.
Tinubu said the government’s objective was to increase domestic refining, reduce dependence on imported petroleum products and position Nigeria as a reliable supplier of refined petroleum products to other African countries.
He described the emergence of large-scale private refining capacity, particularly the Dangote Petroleum Refinery, as a significant turning point for the country’s petroleum industry.
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According to him, the Dangote refinery has reached its stated capacity of 650,000 barrels per day, improving Nigeria’s prospects of becoming a net exporter of refined petroleum products.
The President said reforms introduced under the Petroleum Industry Act were designed to promote transparency, attract investment and improve the commercial viability of the petroleum sector.
He added that Nigeria must move beyond crude oil production to develop an energy industry capable of driving industrialisation, creating jobs and retaining more economic value within the country through refining, petrochemicals and gas processing.
Tinubu also urged petroleum industry operators to invest more in local content, technology, infrastructure and human capital while strengthening environmental protection and community development.
He called on investors with the technical expertise and financial capacity to explore opportunities across Nigeria’s oil and gas value chain.
Earlier, Chairman of the OTL Advisory Board, Adetunji Oyebanji, said Africa’s downstream petroleum industry had recorded significant progress since the organisation was established in 2007.
He noted that developments in refining, logistics, and market liberalisation, particularly the expansion of private refining capacity in Nigeria, had improved prospects for domestic fuel supply and regional petroleum trade.
