By Ayomide Otitoju
Mele Kyari, Group Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), announced that Nigeria will become a net exporter of refined petroleum products by December. He made this statement on Monday during a meeting at the National Assembly with key economic stakeholders, including Finance Minister Wale Edun, Budget and National Planning Minister Atiku Bagudu, Petroleum Resources (Oil) Minister Heineken Lokpobiri, and Central Bank Governor Olayemi Cardoso. The meeting was led by Senator Sani Musa of Niger East.
Kyari highlighted the progress in the oil and gas sector, noting that the Port Harcourt refinery will begin production next month, followed by the Warri refinery in the coming months, and the Kaduna refinery by December.
He also mentioned that Nigeria’s oil production is expected to reach 2 million barrels per day soon, attributing this to recent actions by President Bola Tinubu and a declared focus on increasing production.
Kyari emphasized the critical role of NNPCL and the oil and gas industry in turning around the economy. He stated, “We are taking every practical step to achieve this turnaround. We have seen growth in oil and gas production due to specific actions by Mr. President and our focused efforts on production activities.”
Regarding refining capabilities, Kyari confirmed that Nigeria will become a net exporter of petroleum products by year-end. This will be achieved through production from NNPCL, the Dangote refinery, and other smaller producers.
On the status of government refineries, Kyari clarified, “The Kaduna refinery will be operational by December, alongside the Warri refinery. The Port Harcourt refinery will start production in early August.”
Central Bank Governor Olayemi Cardoso, represented by Deputy Governor for Economic Policy Muhammad Abdullahi, assured that the challenges of rising inflation, forex fluctuations, and food inflation will decline soon.
Budget and National Planning Minister Atiku Bagudu added that the 2024 budget is already being implemented, and ongoing negotiations with labor leaders on minimum wage aim to prevent further economic disruptions.
