In a groundbreaking revelation, Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, has unveiled ambitious plans for Nigeria’s energy sector.
Speaking at the PENGASSAN Energy and Labour Summit 2023 in Abuja, Kyari projected that Nigeria is poised to transform into a net exporter of petroleum products by the year 2024.
Highlighting the urgency of the situation, Kyari emphasized that as a resource-dependent nation, Nigeria cannot continue exporting 100 percent of its crude oil production.
He stated, “Today, we export 100 percent of our productions, no resource-dependent country does this, and that is why we must deliver on our mandate. I don’t want to speak about it; when it is done, you will see it.”
The NNPC chief firmly believes that the transformation is within reach, stating, “I strongly believe now, without giving you a date so that people don’t get angry again, but in 2024, this country will become a net exporter of petroleum products.”
This monumental shift will mean that Nigeria will have ample petroleum products domestically, satisfying local demand while also considering export opportunities.
However, Kyari cautioned that refining crude oil within the country might not necessarily lead to a reduction in the local petrol price, which remains influenced by international market forces.
Despite the long-standing dormancy of government-owned refineries, the Federal Government has expressed its commitment to revitalizing these facilities as part of a broader strategy to reduce petrol imports.
During an inspection tour of the Port Harcourt Refining Company (PHRC) Ltd. plant, the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, announced that the Port Harcourt refinery is expected to become operational by December.
Furthermore, the eagerly anticipated Dangote Refinery is on the horizon and is expected to commence production soon, marking a significant leap in local refining capacity.
Although initial production estimates were postponed, Kyari expressed confidence that government investments, alongside NNPC’s partnerships, will revolutionize the energy sector by 2024.
Kyari also highlighted ongoing projects aimed at introducing Compressed Natural Gas (CNG) into the market, offering cleaner and more affordable fuel options for Nigerians.
This transition is already underway, with numerous buses converted to run on CNG and several state governments investing in CNG-powered vehicles.
In conclusion, Nigeria’s journey towards becoming a net exporter of petroleum products in 2024 signals a pivotal moment in its energy landscape, with significant investments and projects paving the way for cleaner and more accessible fuel options for the nation.
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