*Country to earn N4.5trn at the end of the year, it says
The Nigerian National Petroleum Company Limited (NNPCL) on Thursday added that it projected that the national oil firm would grow its revenue to N4.5trillion at the end of 2023.
The company also disclosed that the rehabilitation of the Port Harcourt Refining Company would be completed by December this year.
It declared that it would end the importation of refined petroleum products by December, 2024, while noting that Nigerian refineries would be operational by then.
The Group Chief Officer of the NNPCL, Mele Kyari, disclosed this when he led officials of the company to a meeting with the Speaker of the House of Representatives, Tajudeen Abbas, where the lawmaker called for the privatisation of Nigeria’s refineries.
Also, oil marketers, on Thursday, confirmed the readiness of the Port Harcourt refinery, as they stated that its operations, which could begin in January 2024, would lead to a considerable drop in the prices of refined petroleum products.
At the meeting in Abuja, Kyari stated that Nigeria was on track to stop the importation of refined petroleum products in 2024 and would emerge as a net exporter of the commodities in the same year.
He also provided explanations on the commencement of operations of the Port Harcourt, Warri, and Kaduna refineries.
The company’s helmsman said all refineries would become fully operational, adding that the country would become a net exporter of petroleum products by the end of 2024.
He blamed the petroleum subsidy for inactive refineries over the years, stressing that the removal of the subsidy was already attracting lots of private-sector investments.
Kyari stated, “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 pledged that by the end of 2023, the expected government revenue from the company would hit N4.5tn, as NNPCL now returns value to shareholders in compliance with the Petroleum Industry Act.
