Full Privatization of Nigeria’s Refineries Underway – Presidency

The Presidency has announced plans for the complete privatization of Nigeria’s state-owned refineries, including the Port Harcourt, Warri, and Kaduna facilities.

Mr. Sunday Dare, the Special Adviser to the President on Media and Public Communications, disclosed this in a statement on Sunday via his official X handle.

According to Dare, the full privatization of these refineries is “in the works,” though he did not specify a timeline for its execution.

The four national refineries, which have remained non-functional for over four decades despite trillions of naira invested in them, have left Nigeria reliant on imported petroleum products.

Persecondnews reports that this dependence has exerted significant pressure on the nation’s foreign exchange reserves.

Dare, a former Minister of Sports, however, expressed optimism that the privatization would bring an end to fuel queues, saying, “Full privatization of Port Harcourt, Warri, and Kaduna refining is in the works. With full local refining gradually being met, days of fuel queues to end.”

Persecondnews recalls that in August 2024, the Nigerian National Petroleum Company (NNPC) Limited announced plans to engage private companies for the operation and maintenance of its refineries in Kaduna and Warri.

The national oil company disclosed this in a circular issued via its official X account.

According to NNPC Ltd., these companies will play a pivotal role in ensuring the reliability and sustainability of the refineries to meet the country’s petrol supply and energy security requirements.

“The Nigerian National Petroleum Company (NNPC) Limited is an integrated oil and gas company engaged in petroleum/gas exploration, refining and petrochemicals, transportation, storage, and marketing.

“NNPC Ltd is seeking to engage reputable and credible operations & maintenance (O&M) companies to operate and maintain two of its refineries, Warri Refining and Petrochemical Company (WRPC) and Kaduna Refining and Petrochemical Company (KRPC), to ensure reliability and sustainability to meet the nation’s fuel supply and energy security obligations,” the circular said.

The privatization of the refineries is expected to bring in much-needed investment and expertise to revamp the refineries and increase domestic production of petroleum products.

This move is seen as a significant step towards ending Nigeria’s reliance on imported petroleum products and conserving foreign exchange.