The Federal Government has given the green light for three refineries to commence production, with a combined capacity of 140,000 barrels per day (bpd), in a move aimed at boosting Nigeria’s refining capacity and reducing dependency on imported petroleum products.
The approval follows months of evaluation by regulatory authorities and is part of the government’s broader strategy to enhance local refining and stabilize fuel supply across the country. The refineries, located in different regions, are expected to commence operations in phases, with full production targeted for later in the year.
Speaking on the development, a senior government official stated that the move aligns with Nigeria’s ongoing energy sector reforms and will help ease pressure on the nation's foreign reserves by cutting down on fuel importation. “With these refineries coming on stream, Nigeria will gradually reduce its dependence on imported refined petroleum products, saving billions of dollars annually,” the official noted.
Industry experts have welcomed the decision but emphasized the need for proper monitoring to ensure the refineries operate efficiently. They also called for further investments in the oil and gas sector to ensure long-term sustainability and energy security for the country.