… Projects N4.5trn revenue
Gift Ekwueme
Lagos — The Nigerian National Petroleum Company Limited, NNPC, plans to end the importation of the premium motor spirit, PMS, or petrol by December 2024 as all of Nigeria’s petroleum refineries will be operational within the said date.
The company also projected that its revenue would increase to N4.5 trillion by the end of 2023. This would be made possible as ongoing revamp of the Port Harcourt Refining Company, which is under NNPC’s management, would be completed by December this year.
The Group Chief Officer of the NNPC, Mele Kyari, made this known when he led a delegation of the company’s senior management team to a meeting with the Speaker of the House of Representatives, Tajudeen Abbas.
Kyari stated that the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational in 2024.
He explained that Nigeria is on track to become a net exporter of refined petroleum products in 2024 as the country is on course to stop petroleum product importation.
He said: “I can confirm to you that by the end of December this year, we will start the Port Harcourt refinery; early in the first quarter of 2024, we will start the Warri refinery and by the end of 2024, Kaduna refinery will come into operation.
“This is the commitment we are giving today and you can hold us accountable for this. In 2024, many of the initiatives including the rehabilitation of our refineries and also the efforts of small-scale refineries, and the upcoming Dangote refinery, will make Nigeria a net exporter of petroleum products in 2024.
“We will no longer be talking about fuel importation by the end of 2024. I am very optimistic that this will crystallise,” the NNPC boss stated.
