President Bola Tinubu’s spokesman, Sunday Dare, has disclosed plans to completely privatise Nigeria’s oil refineries.
Dare, who is Tinubu’s Special Adviser on Media and Public Communications, disclosed this in a reforms tracker posted on his X handle.
The tracker highlights the key milestones achieved by Tinubu’s administration in the oil sector.
He said the production of local oil refineries would peak with the coming on stage of Dangote and other modular refineries.
“Full privatisation of Port Harcourt, Warri, Kaduna refining in the works. Local oil refining and production to peak steadily with Dangote and modular refineries active. With full local refining capacity gradually being met, days of fuel queues to end,” Dare wrote.
Nigeria has four major refineries, two of which are in the Port Harcourt area of Rivers State, which combine to form the Port Harcourt Refining Company, PHRC. These two refineries have an installation capacity of 210,000 barrels per day, bpd.
The Warri Refining and Petrochemical Company Limited (WRPC) has an installed capacity of 125,000 bpd, while the Kaduna Refining and Petrochemical Company Limited (KRPC) has an installed capacity of 110,000 bpd.
All the refineries have a combined installed capacity of 445,000 barrels per day.
Despite these installed capacities, the refineries have been moribund for years and they have performed below optimal levels.
The Nigerian government has expended huge resources for their rehabilitation.