The Nigerian National Petroleum Company (NNPC) Limited has announced that Nigeria is set to become a net exporter of petroleum products by December 2024.
Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPC, attributed this forecast to positive developments in the energy and gas sectors.
Kyari made this announcement during a session with the Senate Committee on Finance, chaired by Senator Sani Musa.
He highlighted several key indicators supporting this projection, including the imminent production start-up of the Port Harcourt refinery, which is scheduled to commence operations next month.
The Warri and Kaduna refineries are expected to follow suit by the end of the year.
Kyari also noted public discussions regarding domestic refining and production, including contributions from the newly commissioned Dangote refinery.
He confirmed, “Yes, Nigeria will become a net exporter of petroleum products by the end of this year. We are confident that by December, a combination of production from NNPC, Dangote, and other smaller refineries will achieve this goal.”
He further clarified that while the Kaduna refinery’s operational start will be delayed until December, the Port Harcourt refinery will begin production in early August.
Muhammad Sani Abdullahi, Deputy Governor of Economic Policy at the Central Bank of Nigeria (CBN), representing CBN Governor Olayemi Cardoso, addressed the committee about ongoing economic challenges.
He stated that rising inflation, foreign exchange rate fluctuations, and food inflation are expected to improve soon based on emerging positive indicators.
The committee chairman encouraged Nigerians to remain patient, assuring them that the government is working diligently to stabilize the economy.
