The Federal Government has hinted at plans to sell its publicly-owned refineries as part of broader reforms to attract investors, enhance competition, and improve efficiency in Nigeria’s downstream oil sector—currently dominated by the Dangote Refinery.
Speaking with Bloomberg TV at the ADIPEC 2025 conference in Abu Dhabi, Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, said divesting from the NNPC Limited refineries is one of several reform options under consideration. “It’s one of the options if you find the right technical partner with the right capital,” she stated.
Nigeria’s four refineries in Port Harcourt, Warri, and Kaduna, with a combined capacity of 445,000 barrels per day, have been mostly inactive for decades despite costly repairs. NNPC’s CEO Bayo Ojulari confirmed ongoing efforts to secure technical equity partners, adding that an eventual IPO for NNPC remains a long-term goal.
