Nigeria Will Become Net Exporter Of Petroleum Products In 2024 – NNPC
Next year, according to Mele Kyari, Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Nigeria would become a net exporter of petroleum products.
On Monday, Kyari argued at the PENGASSAN Energy and Labour Summit 2023 in Abuja that, as a resource-dependent nation, Nigeria should not be exporting all of its crude oil.
We have a responsibility to fulfil our mandate since we now export one hundred percent of our outputs, which no other resource-dependent nation does. I don’t want to talk about it, but when it’s finished, you’ll be able to see it for yourself,” Kyari remarked.
So, I won’t tell you that we’re updating the refineries. PowerPoint presentations occur too frequently. You will therefore be able to observe its completion. We’ve had enough of talking about it, and I don’t want to.
The goal of turning the United States into a net exporter of petroleum products, however, is not out of reach.
“I strongly believe now,” he said, “without giving you a date so that people don’t get angry again, but in 2024, this country will become a net exporter of petroleum products.”
This, he claims, will ensure that Nigerians both within the country and with the ability to export have access to more than enough supply.
The NNPC head made it plain, however, that domestic refining would not automatically lower the price of fuel in the country, which he claimed was governed by the international price.
The Federal Government of Nigeria has informed the people of Nigeria that some of the country’s moribund government-owned refineries will become functional again soon as part of measures to end the country’s dependence on imported petrol.
The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, recently stated that the Port Harcourt refinery would be operational again by the end of the year during an inspection visit of the rehabilitation work progress at the Port Harcourt Refining Company (PHRC) Ltd. plant in Port Harcourt.
Dangote claims the refinery’s first product will be available for purchase by the end of the month.
In addition, crude oil will be refined at the Dangote Refinery once it begins operations.
The president of Dangote Industries Limited had said in May that production will begin between July and August this year at the 650,000 bpd refinery in Lagos State, but that timetable has been pushed out to an unknown time in the future.
The government and NNPC are investing, and by 2024, we expect to see the fruits of this revolution in the form of widespread availability of cleaner, more affordable fuel for the public.
“It’s already occurring; many buses have changed to CNG, and some state governments have purchased CNG-powered buses. We are working on major initiatives with our partners to introduce CNG to the market, and we are confident that this would be beneficial for our country, Kyari said.