President Bola Tinubu’s administration is moving towards the full privatisation of Nigeria’s major oil refineries, according to Sunday Dare, Tinubu’s Special Adviser on Media and Public Communications.
Dare revealed this plan in a reforms tracker shared on his X (formerly Twitter) handle, outlining key achievements in the oil sector under the current administration.
“Full privatisation of Port Harcourt, Warri, Kaduna refining in the works. Local oil refining and production to peak steadily with Dangote and modular refineries active. With full local refining capacity gradually being met, days of fuel queues to end,” Dare wrote.
The tracker emphasized that Nigeria’s local refining capacity would significantly improve with the activation of the Dangote Refinery and other modular refineries, reducing dependence on imports and ending the notorious fuel scarcity.
Nigeria has four major refineries:
- Port Harcourt Refining Company (PHRC): Two refineries with a combined capacity of 210,000 barrels per day (bpd).
- Warri Refining and Petrochemical Company (WRPC): Installed capacity of 125,000 bpd.
- Kaduna Refining and Petrochemical Company (KRPC): Installed capacity of 110,000 bpd.
Despite their combined capacity of 445,000 bpd, these refineries have operated below par for years, with billions spent on rehabilitation yielding little progress.
The privatisation drive aims to revamp the industry, ensuring efficient production and ending Nigeria’s reliance on imported petroleum products.
