Tinubu Commits to Reviving Nigeria's National Refineries

President Bola Tinubu has reaffirmed his commitment to rehabilitating Nigeria's dormant national refineries, stating that these facilities will not be allowed to become stranded investments. Represented by Patience Oyekunle, the Permanent Secretary of the Ministry of Petroleum Resources, Tinubu made this declaration at the 20th OTL Africa Downstream Energy Week in Lagos.

The Port Harcourt, Warri, and Kaduna refineries, managed by the Nigerian National Petroleum Company Limited, have remained inactive despite significant investment in maintenance. The current NNPC leadership has signed a memorandum of understanding with two Chinese firms for the revamp of these facilities.

Tinubu emphasized a rigorous and commercially sustainable approach to rehabilitation, focusing on technical assessments and stronger partnerships. He aims for Nigeria to refine more of its crude oil and become a reliable energy supplier to Africa.

The reforms under the Petroleum Industry Act are designed to create a transparent and investment-friendly industry, moving away from historical import dependence.