The Federal Government says it is considering the sale of Nigeria’s four state-owned refineries as part of ongoing economic reforms aimed at boosting competition and improving efficiency in the oil and gas sector.
Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, disclosed this during an interview with Bloomberg TV on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) on Tuesday.
Verheijen said the administration is open to selling the refineries if suitable technical partners with sufficient capital are found.
“It’s one of the options that you have to consider if you find the right technical partner with the right capital,” she explained.
The refineries — located in Port Harcourt, Warri, and Kaduna — have a combined installed capacity of 445,000 barrels per day (bpd) but have been largely inactive for decades despite multiple costly turnaround maintenance projects.
According to Verheijen, removing fuel subsidies has eliminated long-standing distortions in the downstream market, paving the way for a more competitive and transparent sector.
She said the government’s broader reform agenda under President Tinubu aims to restore market efficiency and ensure that the petroleum sector operates on commercial principles.
Her statement followed recent moves by the Nigerian National Petroleum Company Limited (NNPCL) to seek technical equity partners to manage and operate the refineries at international standards.
NNPCL Chief Executive Officer, Bayo Ojulari, had earlier said the company remains optimistic about restoring full refinery operations, noting that the management is committed to achieving global performance benchmarks.
Verheijen also revealed that a long-planned initial public offering (IPO) for NNPCL remains part of the government’s long-term strategy.
“What’s really important to the shareholders is that we have an NNPC that’s a lot more transparent, a lot more efficient, and delivers,” she said.
The refineries, particularly the Port Harcourt plant, have faced extended shutdowns despite recent rehabilitation efforts, raising concerns about their viability and long-term sustainability.
