Nigeria’s state-owned oil company, NNPC Ltd, is seeking new technical equity partners to help revive its long-dormant refineries, which have yet to resume operations despite years of heavy investment.
The company’s three refineries, located in Port Harcourt, Warri, and Kaduna, have a combined processing capacity of 445,000 barrels per day but have remained idle for years, forcing Africa’s biggest oil producer to rely almost entirely on imported fuel.
NNPC’s Group Chief Executive Officer, Bayo Ojulari, said on Thursday that the company is now “looking ahead with optimism” as it undertakes a comprehensive strategy to bring the facilities back online.
“We are dedicating significant time to a detailed review and are eager to implement our insights,” NNPC CEO Bayo Ojulari said in a post on X.
Fueling recovery through investment
The plan marks a renewed push by NNPC to attract private sector expertise and investment into its refining segment, a move seen as crucial to Nigeria’s long-term energy security.
The partnerships would involve companies with proven technical and operational capacity to jointly manage, rehabilitate, and operate the refineries under equity-based arrangements.
The latest drive follows similar efforts by former NNPC chief Mele Kyari, who had previously secured $2.5 billion in contracts for refinery rehabilitation, including a $1.4 billion deal for the Port Harcourt Refinery.
However, despite those commitments, the facilities remain non-operational, weighed down by years of mismanagement, underinvestment, and policy inconsistencies.
Once operational, the refineries, together with the privately owned Dangote Petroleum Refinery, will ultimately transform Nigeria from a fuel importer to a net exporter, saving billions in foreign exchange annually and stabilising domestic supply.
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