NNPC Targets Private Investors For Revitalisation of State-Owned Refineries
Nigeria’s refineries, built in the 1970s-80s, were designed for self-sufficiency but suffered from neglect, corruption, vandalism, and funding shortfalls.
NNPC on State-Owned Refineries – Warning: Image is AI Generated
A strategic initiative was announced by the Nigerian National Petroleum Company (NNPC) Limited as it plans to revive three state-owned refineries
The strategy would attract technical equity partners and private investors with expertise in refinery operations to back the revitalization ot the Warri, Port Harcourt and Kaduna refineries.
These facilities, with a combined installed capacity of 445,000 barrels per day (bpd), have largely been idle for decades despite over $25 billion in rehabilitation spending since the 1980s. This has contributed to Nigeria’s paradox as Africa’s top oil producer yet a net importer of refined products.
This move, led by NNPC Group Chief Executive Officer (GCEO) Bayo Ojulari, shifts from government-funded repairs to a public-private partnership (PPP) model. This would mean that investors can take equity stakes in exchange for operational control, technology upgrades, and long-term sustainability.
It aligns with President Bola Tinubu’s energy reforms, including the Petroleum Industry Act (PIA) 2021, and complements the operational Dangote Refinery.
Target Facilities for NNPC Private Investors’ Plan
Warri Refining & Petrochemical Co. (WRPC) has a capacity of 125,000 bpd. It has been idle since 2024. It is expected to get a full rehab and focus on diesel/petchem on reopening.
Port Harcourt Refining Co. (PHRC) has a capacity of 210,000 bpd and it is partial operational at 30% capacity. It was shut in May 2025 for maintenance.
Kaduna Refining & Petrochemical Co. (KRPC) has a capacity of 110,000 bpd and is fully idle.
The goal is to achieve full domestic refining capacity by 2026, enabling Nigeria to meet local demand (500,000 bpd for petrol/diesel) and export surplus, potentially saving $8-10 billion in imports.
The announcement follows a comprehensive technical and commercial review initiated this week, assessing viability, potential repurposing, and high-grading. NNPC is finalizing its Initial Public Offering (IPO) for dual listing on the Nigerian Exchange (NGX) and London Stock Exchange (LSE).
By end-2025 which is the timeframe, it would hopefully facilitate investor entry without full state reliance.
