Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigeria National Petroleum Company Limited, has said Nigeria will stop importing petroleum products by mid-2023.
He spoke on Tuesday in the course of a press briefing at the State House in Abuja.
He said the combination of outputs from both Dangote refinery (planned to commence next year) and state-owned refineries would terminate any importation of petroleum products into the country.
“Even if all our four refineries in three locations are operating at 90% of installed capacity, they will only be able to raise 18 million litres of Premium Motor Spirit (PMS). That means even if all of them are working today, you would still have a net deficit of PMS to import into this country,” he said.
The GCEO further maintained that owing to the explosive population of the Nigerian people, the middle class or increasing demands, the volume of petrol needed to work well as a country has increased.
He stated that NNPC owns 20 percent equity in the Dangote Refinery and also has a first right of refusal to supply crude oil to the plant.
“But we saw this energy transition challenge coming. We knew that time will come where you would look for people to buy your crude and you will not find,” he said.
“And that means we have locked down ability to sell crude oil for 33,000 barrels minimum by right for the next 20 years and by right also we have access to 20 percent of the production from that plant.”
Kyari added that the Dangote refinery would begin producing by the middle of next year, adding that it can produce up to 50 million litres of PMS.
“The combination of that and our ability to bring back our refinery will eliminate any importation of petroleum products into this country next year. You would not see any importation into this country next year,” Kyari said.
“This is very practical. As a matter of fact, when we are done with our own refineries and the Dangote refinery, there remain other small initiatives that we are doing, small modular condensate refineries that we are building. If that happens and we are very optimistic it will happen, you would see that this country will now be a net exporter.
“As a matter of fact, it will be a hub for the export of petroleum products, not just to the West African sub-region. This will happen. The flow of supply will change by the middle of next year, it will change. You will not need the importation of petroleum products into this country by the middle of next year.”