Nigeria to Restart Oil Refining in August, Aiming to Become Net Exporter
Nigeria is poised to resume local refining of crude oil in early August, with the goal of becoming a net exporter of refined oil. This marks a shift from years of reliance on imports due to idle refineries.
The Nigeria Extractive Industries Transparency Initiative disclosed that Nigeria suffered a loss of approximately 140,000 barrels of crude oil daily due to theft between 2009 and 2018. Now, the Nigerian National Petroleum Company (NNPC) is set to revive two Port Harcourt refineries, with one commencing in about two weeks and the second by the end of the year.
The Dangote refinery, a privately owned facility near Lagos, is also expected to bolster Nigeria's refining capacity. Led by Aliko Dangote, the Dangote Group is collaborating with government agencies and international partners in the oil and gas sector to complete the project. Nigeria's minister of state for petroleum resources, Heineken Lokpobiri, is optimistic about the economic gains of the revived refineries.
Nigeria's refinery revival is a significant stride towards reducing dependence on oil imports. Nevertheless, oil industry analyst Faith Nwadishi has expressed skepticism about the successful operation of the refineries due to past hurdles and ongoing issues like theft and corruption.
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