The Group Chief Executive Officer of NNPC Ltd, Mele Kyari stated that Nigeria will stop the importation of fuel by mid-2023.
He revealed that the Nigerian National Petroleum Company (NNPC) owns 20 percent equity in the soon-to-be functional Dangote Refinery.
He said this while speaking during the State House Ministerial Briefing organised by the Presidential Communications Team, on Tuesday, August 30 in Abuja.
Kyari explained further that the importation of petroleum products into the country will be stopped by mid-2023 because the combined output of Nigeria’s refineries is being revamped, and the Dangote refinery would be enough to stop importation.
“Even if all the refineries are working today, you will still have a net deficit of Premium Motor Spirit (PMS) to import into this country.
”This is what it means because our population has grown; demand has grown; the middle class has grown.
“ I am sure everybody here owns one or two cars; and as such, the volume of petroleum products we require in this country has grown exponentially,” he explained.
Kyari said that aside from owning 20 percent equity in Dangote Refinery, NNPC Ltd had the right of first refusal to supply crude oil to that plant.
“But, we saw this energy transition challenge coming; we knew that time will come when you will look for people who will buy your crude oil, you will not find.
“And that means we have locked down the ability to sell crude oil for 33,000 barrels minimum by right for the next 20 years.
“By right also, we have access to 20 percent of the production from that plant,” Kyari said.
He said the Dangote refinery which would begin next year would augment the output from state-owned refineries to meet Nigerians’ demand for petroleum products.
“Which means that it can crack the crude in a manner that you can have more gasoline than a typical refinery; that means the refinery can produce up to 50 million litres of PMS.
“So, the combination of that and our ability to bring back our refinery will eliminate any importation of petroleum products into this country.
“This is very practical; this is possible; as a matter of fact, what we have done with our refineries and the Dangote Refinery with many other small initiatives we have put in place—small, modular, condensate refineries that we are building.
”If that happens, we are very optimistic it will happen; you will see that this country will now be a net exporter.’’