Nigerian Government Plans to Sell State-Owned Refineries to Boost Petroleum Sector

The Nigerian government is embarking on a bold reform move to sell the country's four state-owned refineries in a bid to attract private investment, boost efficiency, and strengthen competitiveness in the petroleum downstream sector. The refineries, located in Warri, Kaduna, and Port Harcourt, have a combined capacity of 445,000 barrels per day but have largely remained idle for years despite promises of rehabilitation.

Olu Verheijen, a special adviser to the president on energy, revealed the government's plan during an interview at an international petroleum conference in Abu Dhabi. The move is seen as part of broader economic reforms aimed at deregulation, efficiency, and transparency in the energy sector.