The Group Managing Director of NNPCL, Mele Kyari, revealed on Wednesday that Nigeria is anticipated to transition into a net exporter of petroleum products by 2024.
This announcement came during Kyari’s courtesy visit to Senate President Godswill Akpabio and 14 other ranking Senators.
Kyari assured that a robust supply plan for petroleum products is in place until the next year, alleviating concerns about fuel shortages.
He emphasized NNPC’s significant role in the downstream business, holding over 30% of the market, which mitigates the likelihood of fuel queues. Any queues observed at NNPC fuel stations, according to Kyari, are a result of the lowered cost of NNPC fuel.
Expressing concerns, Kyari addressed the persistent challenge of crude oil theft, which severely affected the company in July 2022 due to vandal activities. He lamented the paradox of Nigeria, an oil-producing country, importing petroleum products.
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On a positive note, Kyari disclosed that the Port Harcourt refinery is scheduled to commence operations in December.
Additionally, he highlighted the company’s commitment to complementing this development with the initiation of several new refinery projects.
This move aligns with the broader goal of positioning Nigeria as a net exporter of petroleum products in the coming years.
