In a session held by the National Assembly’s joint Senate and House of Representatives Committee on Finance on Monday, Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), assured that the Port Harcourt refinery will commence delivering refined petroleum products by August, with the Kaduna and Warri refineries to follow by December.
He emphasized that the NNPCL was not deceiving the nation regarding these timelines.
Kyari addressed the committee, led by Senator Sani Musa (APC, Niger East), during an emergency meeting on the state of the economy in Abuja.
He asserted, “By the end of the year, Nigeria will be a net exporter of petroleum products,” attributing this future status to combined production efforts from NNPCL, the Dangote refinery, and other smaller producers.
Reflecting on his earlier statements from March, Kyari reiterated that the rehabilitation of the Port Harcourt refinery had achieved “mechanical completion.”
He elaborated, “We did have mechanical completion of the Port Harcourt refinery, which means that every technical work that is required to get the refinery to work has been completed. This is what we announced in December last year, if you recall.”
Kyari explained the technical processes involved, noting that introducing hydrocarbons into the refinery under hot conditions was a necessary step. He stated, “I’m very sure that latest by early August, the Port Harcourt refinery will start producing products.”
He expressed confidence that both the Kaduna and Warri refineries would be operational by December, acknowledging the challenges inherent in the start-up phase.
During the session, Senator Musa underscored the importance of economic growth and policy implementation for Nigeria’s recovery.
“The National Assembly is very concerned because we are the representatives of the people. And we are obliged to ask what is happening. And this is the reason why such a meeting is very important,” he said.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, represented by his Deputy, Economic Policy Directorate, Muhammad Sani Abdullahi, along with the Minister of Budget and Economic Planning, Senator Atiku Bagudu, expressed optimism about Nigeria’s economic resilience.
The CBN’s representative remarked, “Nigeria is emerging stronger from her economic malaise.”
Senator Musa called for perseverance among Nigerians, acknowledging the gradual nature of economic recovery.
“You are all aware of the obstructions our economy has had in the previous years. And it’s not going to be easy that overnight, in 365 days or in one year of the coming administration, things will change. It will be gradual,” he said.
Musa concluded on a hopeful note, emphasizing the importance of collective effort and support for the current administration to navigate the nation’s economic challenges.
“This is the only time we can all come together as Nigerians to give His Excellency the President all the needed support. To get us out of all the trouble we have been.”
The session highlighted ongoing efforts and optimism regarding Nigeria’s economic trajectory, stressing the significant role of the country’s refining capabilities in achieving sustainable growth.