The Nigerian National Petroleum Company (NNPC) Limited has disclosed that it is in discussions with potential Chinese investors as part of efforts to revive Nigeria’s four state-owned refineries.
The move is aimed at addressing the country’s long-standing refining challenges amid declining crude oil production, heavy reliance on fuel imports, and rising petroleum prices.
Nigeria’s refining sector has struggled for years due to ageing infrastructure, poor maintenance practices, and sustained financial losses, leading to repeated shutdowns and increased dependence on imported petroleum products.
NNPC Limited Group Chief Executive Officer, Bayo Ojulari, said the refineries are currently operating far below their installed capacities, describing their performance as economically unviable.
According to Ojulari, restoring the facilities to optimal functionality will require significant capital investment, modern technology, and the deployment of additional drilling rigs to boost crude oil production.
He explained that engagements with prospective investors are focused on repositioning the refineries for efficient operations, reducing fuel imports, and strengthening Nigeria’s energy security.
NNPC Limited stressed that fixing domestic refining capacity is crucial to stabilising petroleum supply and shielding Nigerians from frequent fuel price fluctuations.
As discussions continue, many Nigerians remain hopeful that a fully functional refining sector will lead to more affordable and readily available petroleum products nationwide.
