The Nigerian National Petroleum Company Limited (NNPCL) on Monday said Nigeria is ready to become a net exporter of petroleum products by 2024.
The Group Chief Executive Officer of NNPCL, Mele Kyari, disclosed this during the Energy Labour Summit organized by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.
Speaking on Monday, Mr Kyari gave assurances on Nigeria’s readiness to become a net exporter of petroleum products in 2024, adding that it is in line with the government’s objective of delivering immediate benefits of sufficient in-country volumes while creating export revenue.
“Today, we export 100 per cent of our productions, no resource-dependent country does this and that is why we must deliver on our mandate. I don’t want to speak about it; when it is done, you will see it.
“So, I don’t want to tell you we are going to revamp our refineries. That is too much of PowerPoint talks. So, it will be done and you will see it. I don’t want to speak about it, we are tired of speaking about it.
“But what we must achieve is that this country must be a net exporter of petroleum products and this is within sight. J strongly believe now, without giving you a date so that people don’t get angry again, but in 2024, this country will become a net exporter of petroleum products,” he said.
Mr Kyari said this means Nigerians will have sufficient volumes of petroleum products in the country and those that can leave the country.
He, however, explained that refining crude oil in the country would not necessarily bring down the local price of petrol, which he noted was controlled by the international price.
Mr Kyari called for the deployment of an inclusive and just energy transition in such a way that resource-dependent countries like Nigeria can be protected and enabled to make use of their resources to build the infrastructure of tomorrow and to create shared prosperity.
He posited a shift in focus, especially in mass transportation, while stating the urgent need to mainstream the usage of CNG in the sector to further align with the federal government’s choice of gas as the energy transition fuel.
“Government is putting money into this and NNPC is investing with partners and we believe in 2024 the revolution will become very manifest and people will have access to cleaner and cheaper fuel in 2024.
“It’s already happening, a number of buses have been converted and a number of state governments have bought buses that are running on CNG. We are carrying out significant projects that will bring CNG into the market with our partners and we believe that this will work for our country,” he said.
In September, the Executive Director of the Dangote Group, Devakumar Edwin, in an exclusive interview with S&P Global Platts, said the 650,000 barrels per day Dangote Refinery will receive its first cargo of crude next month.
Mr Edwin explained that the refinery will be launched in phases, beginning with 350,000 – 370,000 barrels per day of diesel and jet fuel by October.
By November, Mr Edwin said, the refinery will start the phased ramp-up to 650,000 barrels per day, around half of it gasoline, the key area of Nigerian fuel demand.
He explained that the company’s refined products are not only targeting the Nigerian market.
“Basically if you look at our production profile, 50 per cent of my production will meet 100 per cent of the requirements of the country. Excess gasoline which will be 10 ppm sulfur Euro 5 quality will be exported to other African markets as well as the US and South America, although the volumes will be relatively small,” he said.
In May, the President of Dangote Group, Aliko Dangote, in an interview with a special edition of London-based, the Economist Magazine, said with the commencement of operation at the refinery, Nigeria could save up to $10 billion in foreign exchange and generate another $10 billion in exports.
The Nigerian government has also assured that the Port Harcourt refinery will become functional by December while Warri and Kaduna will be ready by the end of next year.