Nigeria Loses ₦366.2 Billion in Five Months as Port Harcourt Refinery Shuts Down Again Amid Accountability Concerns
Nigeria’s Port Harcourt Refinery shutdown, which has cost the nation an estimated ₦366.2 billion in just five months, once again underscores the deep-rooted accountability crisis plaguing the country’s oil sector.
Although the Nigerian National Petroleum Company Limited (NNPCL) claims the closure was due to “maintenance and sustainability assessment,” insider sources suggest the refinery never truly resumed operations.
According to reports by Daily Trust, rather than producing refined products, the facility allegedly served merely as a routing point for imported fuel.
If confirmed, this revelation casts serious doubt on NNPCL’s transparency and raises fresh questions about the integrity of the government’s efforts to achieve energy independence.
The refinery’s troubled history further compounds public frustration. Despite a $1.5 billion rehabilitation approval in 2021, multiple attempts to revive the facility have failed to deliver tangible results.
The refinery, which reportedly restarted operations in November 2024, went silent again after only six months — repeating a long-standing pattern of inefficiency and waste.
Beyond the staggering financial losses, the shutdown has worsened unemployment and disrupted the energy supply chain.
Workers, tanker drivers, and nearby communities have been severely affected, while Nigeria continues to burn scarce foreign exchange importing fuel that the refinery was meant to produce locally.
Petroleum economist Prof. Wumi Iledare warns that every inactive month at the refinery costs Nigeria twice — through increased foreign exchange outflows and missed opportunities for domestic economic growth.
This situation demands urgent intervention. NNPCL’s Group CEO, Bayo Ojulari, and Minister of State for Petroleum (Oil), Heineken Lokpobiri, must provide a full public disclosure on the true operational status of the Port Harcourt Refinery and release a comprehensive audit of the $1.5 billion rehabilitation fund.
Ultimately, President Bola Tinubu must ensure accountability for those responsible for this recurring failure.
Nigeria cannot continue to lose billions while its citizens endure persistent fuel shortages and mounting economic hardship.
