Nigeria to become net exporter of petroleum products by December, says NNPC

The Nigerian National Petroleum Company (NNPC) Limited says Nigeria will be a net exporter of petroleum products by December. 

Mele Kyari, group chief executive officer (GCEO), said this is based on the emerging indicators in the energy and gas sector.

He spoke on Monday at the national assembly when economic stakeholders appeared before the senate committee on finance led by Sani Musa, a lawmaker.

The indicators, he said, are the Port Harcourt refinery which “would start production next month”, followed by the Warri and Kaduna refineries by December this year.

Kyari said there are several comments in the public space about refining and domestic production, including production that would originate from the commissioned Dangote refinery. 

“Yes, this country, as we have said, will be a net exporter of petroleum products by the end of this year,” he said.

“We’re very optimistic that by December, this country will be a net exporter. That means a combination of production coming from us, and also from Dangote refinery and other smaller producing companies that we know are in line to do this. 

“So I can confirm to you, Mr. Chairman, that by the end of the year, this country will be a net exporter of petroleum products.

“Specific to NNPC refineries, we have spoken to a number of your committees, that it is impossible to have the Kaduna refinery come to operation before December, it will  get to December, both Warri and Kaduna; but that of Portharcourt will commence production early August this year.”

‘RISING INFLATION, FX FLUCTUATIONS WILL BE A THING OF THE PAST SOON’

On his part, Muhammad Sani Abdullahi, deputy governor (economic policy), representing Olayemi Cardoso, Central Bank of Nigeria (CBN) governor, said the triple challenges of rising inflation, foreign exchange (FX) rate fluctuations, and food inflation, would be a thing of the past soon, as indicators to that effect are already emerging. 

In his remarks, the chairman of the committee appealed to Nigerians to persevere as the government is working around the clock to stabilise the economy.