Nigeria's $4.15bn Refinery Spending Before 2021 Revealed

Festus Osifo, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), reported that Nigeria invested approximately $4.15 billion and N11.35 trillion on the Port Harcourt, Warri, and Kaduna refineries before 2021, yet these facilities remained largely non-functional. Osifo spoke in Lagos, lamenting that for years, the refineries were said to be undergoing rehabilitation, but little progress was made until contracts were signed in 2021.

Between 1993 and 2019, about $4.15 billion was allocated for refinery interventions across various administrations, with the House of Representatives indicating that N11.35 trillion was spent on running and rehabilitating the refineries from 2019 to 2029. Osifo noted that the current rehabilitation efforts, including a $1.5 billion contract for the Port Harcourt Refinery signed in 2021, represent the first genuine attempt to restore the facilities.

He stated that 90 to 95 percent of PENGASSAN members at the refinery were transferred to different strategic business units during the rehabilitation process.