ABUJA – The Nigerian Federal Government is once again evaluating the potential sale of its state-owned refineries, a move officials say is designed to attract private investment and boost efficiency in the country’s struggling downstream oil sector.
Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, confirmed the strategy in an interview at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). She stated that selling the refineries is a key option being considered as part of broader economic reforms.
“It’s one of the options that you have to consider if you find the right technical partner with the right capital,” Verheijen told Bloomberg TV.
Nigeria’s four refineries, located in Port Harcourt, Warri, and Kaduna, have a combined capacity of 445,000 barrels per day but have been largely non-functional for years, despite billions spent on maintenance. Their poor performance has forced Nigeria, a major crude oil producer, to rely heavily on imported petroleum products.
Verheijen linked the new push to the government’s removal of fuel subsidies, which she said has “removed the distortions in that market” and allows for commercial operations. The refineries are currently owned by the Nigerian National Petroleum Company Limited (NNPCL).
This announcement follows conflicting signals from the NNPCL, which previously ruled out selling the Port Harcourt refinery after completing an assessment. The corporation is now seeking technical partners to manage the facilities.
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Meta Description: Nigeria mulls sale of state refineries to boost competition and efficiency. Read about the latest government reforms in the downstream oil sector.
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Tags: Nigeria, Refineries, NNPC, Oil and Gas, Downstream Sector, Privatization, Bola Tinubu, Economic Reform
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Disclaimer: This article is based on statements from government officials and news reports. The content is for informational purposes only and does not constitute financial or investment advice. The situation regarding the refinery sale is fluid and subject to change based on government decisions and market conditions. CDA News is not affiliated with the Nigerian government or NNPC Limited.
