The Federal Government has indicated plans to sell Nigeria’s four state-owned refineries as part of ongoing economic reforms aimed at attracting investors, boosting competition, and enhancing efficiency in the downstream oil sector.
The refineries — located in Port Harcourt, Warri, and Kaduna — have a combined installed capacity of 445,000 barrels per day (bpd) but have remained largely dormant for decades despite repeated turnaround maintenance projects that have cost the government billions of dollars.
Speaking to Bloomberg TV on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), the Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, said selling the plants is one of several options under consideration.
“It’s one of the options that you have to consider if you find the right technical partner with the right capital,” Verheijen said.
She noted that the removal of fuel subsidies has eliminated major market distortions, paving the way for a commercially driven petroleum industry.
According to her, President Tinubu’s reform agenda seeks to restore market efficiency and transparency, ensuring the petroleum sector operates on purely commercial terms.
The refineries, owned by the Nigerian National Petroleum Company Limited (NNPCL), were recently shut down for maintenance, with no significant progress reported since.
The NNPCL had earlier announced plans to seek technical equity partners to manage and operate the refineries in line with international standards.
“We are looking ahead with optimism to ensure our refineries operate effectively,” NNPCL Group Chief Executive Officer Bayo Ojulari stated in a post on X.
Verheijen also disclosed that the government envisions a future public listing of NNPC, describing it as “an end destination” for the company’s transformation.
“What’s really important to the shareholders is that we have an NNPC that’s a lot more transparent, a lot more efficient, and delivers,” she added.
