Nigerian Government Considers Selling Refineries for Downstream Sector Efficiency

The Nigerian government, through Olu Verheijen, a special adviser to President Bola Tinubu on energy, revealed plans to sell refineries to enhance efficiency in the downstream sector. The Nigerian National Petroleum Corporation (NNPC) has initiated a comprehensive review of its three state-owned refineries.

The government aims to increase transparency and efficiency within NNPC, potentially through an IPO. Bayo Ojulari, NNPC's Group CEO, highlighted the complexities in revamping the facilities.