- Currently, Nigeria exports 100 per cent of its petroleum products.
- Nigeria needs to mainstream CNG use to align with FG’s choice of gas as the energy transition fuel.
The Nigerian National Petroleum Company (NNPC) Limited has said Nigeria is ready to become a net exporter of petroleum products by 2024. The Group Chief Executive Officer of NNPC, Mele Kyari, disclosed this during the Energy Labour Summit in Abuja. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) organises the event. Speaking at the event, Kyari stressed Nigeria’s readiness to become a net exporter of petroleum products in 2024. He said it aligns 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. 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. I strongly believe now, without giving you a date so that people won’t get angry again. But in 2024, this country will become a net exporter of petroleum products,” he said.
The NNPC boss said this means Nigerians will have sufficient volumes of petroleum products. He, however, explained that refining crude oil in the country would not necessarily bring down the local petrol price. He noted that the international price controls the petrol price in the country. Kyari called for the deployment of an inclusive and just energy transition to protect resource-dependent countries like Nigeria. He added that it will enable Nigeria to use its resources to build tomorrow’s infrastructure and create shared prosperity.
Kyari posited a shift in focus, especially in mass transportation. He also stated the urgent need to mainstream the usage of CNG in the sector. This is to further align with the federal government’s choice of gas as the energy transition fuel.