Nigeria set to consume over 40m litres of petrol by 2025
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said that by 2025, more than 40 million litres of petrol would be required for local consumption.
He revealed it in a statement over the weekend.
He said that the combined capacity of the nation’s three refineries would only be able to satisfy just above 50 per cent of the projected local demand.
Baru said that the country’s three refineries with a combined capacity of 445,000bpd could not function optimally over the years due to lack of investment.
According to him, the Federal Government’s plan to attract investment in modular refineries as part of efforts to boost local refining capacity has started gaining momentum, especially with the recent signing of modular refinery deal with an Indonesian firm.
According to him, the said modular refinery will have a refining capacity for 10,000 barrels per stream day.
He stated that NNPC placed high premium on investment in the nation’s refining sector.
The GMD stated that the Corporation had a Greenfield Refinery Department that specialized in new refinery projects and also provided professional support to potential investors in modular refinery in the country in line with the Federal Government policy on modular refineries.
“On our end, we have embarked on ambitious plan to fast-track programmes to restore our capacity utilization from 30 per cent to a minimum of 90 per cent in the next 24 months. To do that, we are working on securing financing from third parties, not just funding, but also technical expertise to help us increase our performance to world class levels that they should be,” Dr. Baru stated.
He expressed optimism that with investments in refinery coming steadily, Nigeria could serve as a regional hub of refined petroleum products for West Africa and beyond.
He then called on the investors to be mindful of clean fuel policy across African countries and ensure that they produce fuels that meet specification with regards to sulphur content.
Meanwhile, Dr. Maikanti Baru, has said that the country’s three refineries, with a combined capacity of 445,000bpd, could not function optimally over the years due to lack of investment.
He made the statement over the weekend, during a business meeting with an Indonesian firm planning to build a refinery in Akwa Ibom State.
According to him, the Federal Government’s plan to attract investment in modular refineries as part of efforts to boost local refining capacity has started gaining momentum with the Indonesian firm.
He revealed that the refinery will be a modular design.
According to him, the refinery will have a refining capacity for 10,000 barrels per stream day.
He stated that NNPC placed high premium on investment in the nation’s refining sector.
The GMD stated that the Corporation had a Greenfield Refinery Department that specialized in new refinery projects and also provided professional support to potential investors in modular refinery in the country in line with the Federal Government policy on modular refineries.
“On our end, we have embarked on ambitious plan to fast-track programmes to restore our capacity utilization from 30 per cent to a minimum of 90 per cent in the next 24 months. To do that, we are working on securing financing from third parties, not just funding, but also technical expertise to help us increase our performance to world class levels that they should be,” Dr. Baru stated.
He explained that given Nigeria’s expected population, by 2025, more than 40 million litres of petrol would be required for local consumption, adding that the combined capacity of the nation’s 3 refineries would only be able to satisfy just above 50 per cent of the projected local demand.
He expressed optimism that with this kind of investment coming steadily, Nigeria could serve as a regional hub of refined petroleum products for West Africa and beyond.
He called on the investors to be mindful of clean fuel policy across African countries and ensure that they produce fuels that meet specification with regards to Sulphur content.
