The Federal Government has hinted at plans to sell off Nigeria’s state-owned refineries as part of broader reforms aimed at revitalising the petroleum downstream sector, improving efficiency, and attracting private investment.
Special Adviser to the President on Energy, Olu Verheijen, revealed this during an interview with Bloomberg TV anchor Joumanna Bercetche on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference.
According to Verheijen, the Tinubu administration is open to letting go of the refineries operated by the Nigerian National Petroleum Company Limited (NNPCL) if credible technical and financial partners emerge.
“Letting go of them is a possibility. It’s one of the options you have to consider if you find the right technical partner with the right capital,” she said.
She noted that Nigeria’s refineries had long been sustained by government subsidies, which distorted market operations and discouraged private sector participation.
“The refineries have largely been sustained by subsidies, but now that we’ve removed the subsidies, we’ve removed the distortions in that market,” Verheijen added.
Nigeria’s four state-owned refineries two in Port Harcourt, one in Warri, and another in Kaduna have a combined capacity of 445,000 barrels per day. However, they have been largely non-operational for decades despite several costly turnaround maintenance projects.
As a result, Nigeria remains one of the few major oil producers that imports refined petroleum products for domestic use.
Verheijen emphasised that President Bola Tinubu’s energy reform agenda prioritises transparency, competitiveness, and commercial viability. She said the administration’s market-driven approach aims to create a level playing field where both public and private refineries can thrive without subsidy interference.
