President Bola Tinubu’s spokesperson, Sunday Dare, has announced plans for the complete privatization of Nigeria’s oil refineries.
Dare, who serves as Tinubu’s Special Adviser on Media and Public Communications, shared this information in a reforms tracker on his X account.
The tracker outlines significant achievements of Tinubu’s administration in the oil sector.
He noted that local oil refinery production is expected to increase with the introduction of Dangote and other modular refineries.
“Full privatization of the Port Harcourt, Warri, and Kaduna refineries is underway. Local oil refining and production will steadily rise with the operation of Dangote and modular refineries. As local refining capacity is gradually met, fuel queues will become a thing of the past,” Dare stated.
Nigeria operates four major refineries, two of which are located in the Port Harcourt area of Rivers State, collectively known as the Port Harcourt Refining Company (PHRC). These refineries have a combined capacity of 210,000 barrels per day (bpd).
The Warri Refining and Petrochemical Company Limited (WRPC) has a capacity of 125,000 bpd, while the Kaduna Refining and Petrochemical Company Limited (KRPC) has a capacity of 110,000 bpd.
In total, the refineries have an installed capacity of 445,000 barrels per day.
However, despite this capacity, the refineries have been largely inactive for years and have not operated at optimal levels.
The Nigerian government has invested significant resources in attempts to rehabilitate them.
