Nigeria ready to become net exporter of petroleum products by 2024
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) has said the country is ready to become a net exporter of petroleum products by 2024.
Kyari stated this during the October 9 Energy and Labour Summit held in Abuja and organized by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
According to the NNPCL, Kyari gave assurances on Nigeria’s readiness to become a net exporter of petroleum products in 2024, noting that this is within sight and is in line with the President’s objective of delivering immediate benefits of sufficient in-country volumes while creating export revenue.
Recent steps that could make this happen
Recall that in a September 18 interview with S&P Global Commodity Insights, Dangote Group Executive Director Devakumar Edwin said that the refinery will begin refining diesel and aviation fuel by this month of October and move on to petrol refining by November 2023.
Edwin also said that the refinery will also ease a fuel supply crisis in import-dependent West Africa, where Nigeria’s recently scrapped fuel subsidy created a thriving illicit market for gasoline amid price fluctuations.
One of the overall objectives of the refinery is to enable petroleum products exports. During the refinery launch in May 2023, Aliko Dangote said the company’s standards will enable them to meet the country’s demand and become a key player in the African and global markets. Dangote also said the refinery is targeting 40% of its products’ output for exports.
Also, the Federal Government has assured that the local refineries in Warri, Port Harcourt and Kaduna will be ready soon, from December 2023 to Q4/2024.
More insights from the PENGASSAN Summit
Mele Kyari, in addition, emphasized the necessity for an inclusive and equitable energy transition strategy. He highlighted the significance of safeguarding and empowering resource-dependent countries like Nigeria to effectively utilize their current resources in constructing future infrastructure and fostering collective prosperity.
Furthermore, Kyari advocated for a shift in emphasis, particularly within mass transportation.
He underscored the pressing requirement to integrate the widespread utilization of compressed natural gas (CNG) in this sector.
This aligns with the Federal Government’s strategic direction, which prioritizes gas as a pivotal fuel for the energy transition.
By advocating for the adoption of CNG in mass transit, he aims to promote a cleaner and more sustainable approach to transportation while embracing the nation’s commitment to transitioning to gas as a primary energy source.
