The Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has expressed optimism that Nigeria will transition into a net exporter of petroleum products by the year 2024.
He made this projection while addressing the PENGASSAN Energy and Labour Summit 2023 in Abuja.
Kyari emphasized that, as a resource-dependent nation, Nigeria should not continue exporting 100 percent of its crude oil production, as it currently does.
He stated, “Today, we export 100 per cent of our productions, no resource-dependent country does this and that is why we must deliver on our mandate. I don’t want to speak about it; when it is done, you will see it.”
The NNPC boss refrained from providing specific details but noted, “I strongly believe now, without giving you a date so that people don’t get angry again, but in 2024, this country will become a net exporter of petroleum products.”
He explained that this transformation would mean Nigeria having sufficient volumes of petroleum products domestically, with the ability to export surplus.
However, Kyari clarified that refining crude oil within the country would not necessarily reduce the local price of petrol, as it is influenced by international prices.
He also highlighted ongoing efforts to revive government-owned refineries and the expected contributions of projects like the Dangote Refinery, which will contribute significantly to increasing domestic refining capacity.
Kyari further elaborated on the growing adoption of Compressed Natural Gas (CNG) as an alternative fuel source, which is already happening in the country.
He mentioned that buses and state governments are transitioning to CNG, and significant projects are underway to introduce CNG into the market, with the goal of providing Nigerians with cleaner and more affordable fuel options.