NNPCL CEO Advocates Refinery Privatization to Curb Resource Wastage

The CEO of Nigerian National Petroleum Corporation Limited (NNPCL), Bayo Ojulari, acknowledged during an energy summit in Abuja that the country's refineries are a drain on resources without clear profitability. He highlighted the billions spent on maintenance with little return, emphasizing the need for privatization to enhance efficiency.

Ojulari proposed a transparent privatization process overseen by the Bureau of Public Enterprises (BPE) to attract private investors and revamp the struggling refineries, citing successful privatization examples like Indorama in 2006. The inefficiencies in the state-owned refineries have led to financial losses and hindered the growth of Nigeria's downstream petroleum sector.

Ojulari's call for privatization aims to address the recurring cycle of wastage and inefficiency in the country's oil and gas sector.