Despite significant investments since 2021, Nigeria’s refineries — Port Harcourt, Warri, and Kaduna — remain largely non-operational.
The Nigerian National Petroleum Company (NNPC) Limited is considering selling its state-owned refineries after spending ⁹$3 billion on rehabilitation with limited success.
Group Chief Executive Officer Bayo Ojulari revealed the plan during an interview with Bloomberg at the OPEC seminar in Vienna.
“We’re reassessing our entire refinery strategy,” Ojulari said, noting a final decision would follow a review by end-2025.
Despite significant investments since 2021, Nigeria’s refineries — Port Harcourt, Warri, and Kaduna — remain largely non-operational.
“The outcome has not matched expectations,” he added, citing technical challenges with ageing infrastructure left dormant for years.
Although Port Harcourt briefly processed crude in late 2023, it shut down again in May 2025.
Critics accuse NNPC of spending over N11.35 trillion in a decade with little to show.
Ojulari said any sale would align with Nigeria’s push for private-sector-led reforms.
He also highlighted high production costs of $20–$30 per barrel, mostly due to security expenses.