NNPC Ltd to stop petrol importation by December 2024
The NNPC Limited has announced its plan to stop importing refined petroleum products by December 2024.
The company’s group chief executive officer, Mele Kyari, disclosed this at a meeting with the speaker of the house of representatives, Tajudeen Abbas. He was accompanied by a delegation of the company’s senior management team.
Kyari said the NNPC would revive all the refineries in the country and become a net exporter of the products by the end of 2024. He also said the removal of the petroleum subsidy had opened up opportunities for private-sector investment in the sector.
He assured the lawmakers of the company’s commitment to deliver on its promise.
He said, “I can confirm to you that by the end of December this year, we will start the Port Harcourt refinery; early in the first quarter of 2024, we will start the Warri refinery and by the end of 2024, Kaduna refinery will come into operation.
“This is the commitment we are giving today and you can hold us accountable for this. In 2024, many of the initiatives including the rehabilitation of our refineries and also the efforts of small-scale refineries, and the upcoming Dangote refinery, will make Nigeria a net exporter of petroleum products in 2024.
“We will no longer be talking about fuel importation by the end of 2024. I am very optimistic that this will crystallise.”
Kyari also revealed that the NNPC was expecting a profit increase of N2 trillion in its 2022 audited financial statements. He said the company had started paying dividends to its shareholders since July this year.
He added that the NNPC had made adequate arrangements for the supply of petroleum products, especially premium motor spirit (PMS), to meet the demand during the festive season and beyond.
He said the NNPC was mandated by the national assembly to guarantee Nigeria’s energy security, which was vital for national security.
He said the NNPC had no plans to experience any shortages in the petroleum products supply for the period.
