NNPCL targets N4.5tn revenue by year-end, hopes to stop fuel importation by Dec 2024

The Nigerian National Petroleum Company Limited has projected a revenue target of N4.5 trillion by the end of the year 2023.

This is as the oil company disclosed that the importation of refined petroleum products will end by December 2024 because all the refineries in the country will be operational by then.

The Group Chief Officer of the NNPCL, Mele Kyari, disclosed this when he led officials of the company to a meeting with the Speaker of the House of Representatives, Tajudeen Abbas, where the lawmaker called for the privatisation of Nigeria’s refineries.

Earlier, Kyari had paid a similar visit to the Senate President, Godswill Akpabio where he outlined his plans for the oil company.

At the meeting in Abuja with Abbas, Kyari declared that Nigeria was on track to stop the importation of refined petroleum products in 2024 and would emerge as a net exporter of the commodities in the same year.

He also provided explanations on the commencement of operations of the Port Harcourt, Warri, and Kaduna refineries.

READ ALSO:Nigeria records 172 crude oil theft incidents, detects 67 illegal refineries in one week —NNPCL

The company’s helmsman said all refineries would become fully operational, adding that the country would become a net exporter of petroleum products by the end of 2024.

He blamed the petroleum subsidy for inactive refineries in Nigeria over the years, stressing that the removal of the subsidy was already attracting a lot of private-sector investments.

Kyari stated, “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,” he said.

Kyari pledged that by the end of 2023, the expected government revenue from the company would hit N4.5tn, as NNPCL now returns value to shareholders in compliance with the Petroleum Industry Act.

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