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Home News Nigeria is Set to End the Import of Refined Crude Oil by 2023
News - December 1, 2022

Nigeria is Set to End the Import of Refined Crude Oil by 2023

In a statement by the Minister of State for Petroleum Resources, Timipre Sylva, Nigeria is a step away from locally refining its crude oil. According to Sylva, the country would have stopped exporting crude oil to be refined in another country by the third quarter of 2023. 

The minister disclosed that the plan to stop the importation of refined crude oil is currently underway with the $1.5 billion refinery renovation in Port Harcourt, River State. Upon completion, the refinery will be able to produce 60,000 refined crude oil barrels per day (bpd) by the end of December 2023.

He said, “We’re expecting that we will actually be exiting the importation of petroleum products from maybe about the third quarter next year if I was to give it a longer timeframe, but I believe that even before the third quarter next year.”

Although the refinery might not be functional until the second half of 2023, the minister believes that the Dangote refinery set to be launched in 2023 by the wealthiest man in Africa, will be able to fill the gap from the first quarter of 2023. With the growing demand for petroleum products and anticipated global recession, the idea of locally refining oil has the possibility of increasing the national bottom line.

With the move, Sylva said, “Nigeria’s production of crude had improved to about 1.3 million barrels per day from under 1 million barrels previously, and that the country hoped to meet its OPEC quota by May of next year, Sylva told reporters in Abuja.

Oil is Nigeria’s biggest export earner, but crude theft and vandalism of pipelines have cut oil and gas output, knocking the country from its spot as Africa’s top producer.”

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Refineries in Nigeria

Apart from the Aliko Dangote’s and Port Harcourt facilities, Nigeria also has crude oil refineries in Warri and Kaduna. According to the Nigerian National Petroleum Company Limited (NNPC), the completion of the two refineries would make Nigeria, a net exporter of petroleum products.

Also, it would help make premium motor spirit (PMS), known as petrol, available as Nigerians’ average daily consumption, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), remains at 60,000,000 litres.

Despite the prospects in the refineries, the Warri refinery is expected to be ready by December 2023, but the Kaduna refinery has yet to have a definite completion time.

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