The Group Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, announced that Nigeria will become a net exporter of petroleum by December 2024. Speaking on Monday at the National Assembly, Kyari cited emerging indicators in the energy and gas sector, highlighting the Port Harcourt Refinery’s impending production start next month, followed by the Warri Refinery in the following months, and the Kaduna Refinery by December.
Kyari stated, “Mr. Chairman and members of the Joint Committee. Let me just confirm that NNPCL and the oil and gas industry are very critical in bringing a turnaround in our current economic situation, and we understand the importance of this. We are taking every step that is practical for us to achieve this.”
He further emphasized that recent actions by President Bola Tinubu and a declared focus on production activities have contributed to restoring oil production in Nigeria. Kyari expressed optimism about hitting a production target of 2 million barrels per day in the coming months.
Kyari also addressed public comments on the refining business, stating, “Yes, this country, as we have said, will be a net exporter of petroleum products by the end of this year. We’re very optimistic that by December, this country will be a net exporter. That means a combination of production coming from us, and also from Dangote refinery and other smaller producing companies that we know are in line to do this.”
The Central Bank of Nigeria’s Deputy Governor for Economic Policy, Muhammad Sani Abdullahi, noted that indicators are emerging for a downward trend in inflation, foreign exchange rate fluctuations, and food inflation. The Minister of Budget and National Planning, Atiku Bagudu, added that the 2024 budget is being implemented, and negotiations on the minimum wage with labor leaders are ongoing to prevent further economic disruptions.
Senate Committee Chairman, Senator Sani Musa, urged Nigerians to persevere as the government works to stabilize the economy. Musa acknowledged the challenges but emphasized the gradual nature of economic recovery, stating, “The indicators are showing that the economy is doing well. The only thing is that things are a bit difficult because it’s not easy for inflation that has gone up to go down like that. It takes time.”
