Nigeria Will Be Net Exporter Of Petroleum Products In 2024 – NNPCL

In a recent announcement, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, declared that Nigeria is poised to become a net exporter of petroleum products by 2024.

Kyari conveyed this information during a courtesy visit to the Senate President, Godswill Akpabio, and 14 other esteemed Senators.

Kyari went on to elaborate that a comprehensive supply plan for petroleum products is firmly in place, extending through the coming year.

He assured that there would be no fuel shortages, emphasizing the NNPCL’s significant presence, holding over 30 percent of the downstream business, which is expected to prevent any queues at NNPC fuel stations.

Addressing concerns about queues at NNPC fuel stations, Kyari clarified that any such occurrence is attributed to the reduced cost of NNPC fuel.

He lamented the prolonged challenge of crude oil theft that adversely affected the company in July 2022, primarily due to the actions of vandals.

Kyari expressed his disappointment at Nigeria’s reliance on imported petroleum products despite being an oil-producing country.

Furthermore, Kyari revealed that the Port Harcourt refinery is set to commence operations in December.

Additionally, he highlighted the company’s commitment to launching various new refinery initiatives, signalling positive developments in Nigeria’s petroleum sector.