Nigeria Will Be Net Exporter Of Petroleum Products In 2024 – NNPCL

The Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, announced during a courtesy visit to Senate President Godswill Akpabio and 14 other influential Senators that Nigeria is poised to emerge as a net exporter of petroleum products in 2024.

Kyari expressed confidence in a robust supply plan for petroleum products, assuring the nation of a seamless fuel supply until the following year.

Highlighting the NNPCL’s substantial presence, occupying over 30% of the downstream business, he dismissed concerns of fuel shortages, attributing any queues at NNPC fuel stations to the lowered cost of their fuel.

However, Kyari did not shy away from addressing challenges, notably the persistent issue of crude oil theft that significantly impacted the company in July 2022.

He attributed this setback to the activities of vandals and lamented the irony of Nigeria importing petroleum products despite being an oil-producing country.

In a positive development, Kyari disclosed that the Port Harcourt refinery is set to commence operations in December, marking a crucial step forward in Nigeria’s quest for energy self-sufficiency.

He also emphasized the company’s commitment to complementing this progress with the initiation of several new refinery projects.

As Nigeria navigates the complexities of its energy landscape, the NNPCL’s strategic initiatives and projections signal a promising trajectory towards energy independence and a pivotal role as a net exporter of petroleum products on the global stage.

November 23, 2023