The Federal Government has indicated that it may consider selling the Nigerian National Petroleum Company Limited (NNPCL) refineries, including those in Port Harcourt, Warri, and Kaduna.
Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, revealed this in an interview with Bloomberg TV during a recent energy forum in Abu Dhabi.
According to Verheijen, the government is exploring several options to reposition the country’s downstream sector and attract credible investors capable of restoring the refineries to optimal performance.
“It’s one of the options that you have to consider if you find the right technical partner with the right capital,” she said.
The energy adviser noted that the refineries had long been sustained by subsidies and inefficiencies that hindered their profitability. However, with the removal of fuel subsidies, she said the Tinubu administration is committed to creating a transparent, competitive, and commercially driven petroleum industry.
“But now that we’ve removed the subsidies, we’ve removed the distortions in that market,” Verheijen added.
She emphasized that the government’s reform agenda aims to restore market efficiency and ensure that the petroleum sector operates on purely commercial terms, free from political interference.
In May, NNPCL announced the temporary shutdown of the Port Harcourt refinery for routine maintenance, sparking renewed discussions about the long-term viability of state-owned refineries.
More recently, NNPCL Group Chief Executive Officer, Bayo Ojulari, confirmed that the company is in talks with potential technical equity partners who can manage and operate the refineries at international standards.
Industry observers say the proposed sale or partnership could mark a major shift in Nigeria’s oil sector, potentially ending decades of operational inefficiencies and financial losses tied to state-run refineries.
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