State oil firm, the Nigerian National Petroleum Company Limited (NNPCL), has promised to end the importation of refined petroleum products by December 2024 as all the country’s refineries would be operational by then.

The Group Chief Officer of the NNPCL, Mele Kyari, made the promise during a meeting with the Speaker of the House of Representatives, Tajudeen Abbas, where the lawmaker called for the privatisation of Nigeria’s refineries.

At the meeting in Abuja, Kyari declared that Nigeria was on track to stop the importation of refined petroleum products in 2024 and would emerge as a net exporter of the commodities in the same year. He also provided explanations on the commencement of operations of the Port Harcourt, Warri, and Kaduna refineries.

Nigeria produced 1.49 million barrels of oil per day last month, the most in nearly two years, after increasing its output by 60,000 barrels per day. As it increases its oil output, the West African country has introduced a new grade of crude called Nembe through a joint venture.

The company’s helmsman said all refineries would become fully operational, adding that the country would become a net exporter of petroleum products by the end of 2024.

None of Nigeria’s publicly owned refineries has worked to capacity for years, despite several investments to revive them. The failure of both the previous and current governments has contributed to the high level of national anticipation surrounding a private Dangote refinery which has also failed to commence operations despite a funfair launching earlier this year.

He blamed the petroleum subsidy regime, which President Bola Tinubu declared “gone,” in his inaugural presidential speech as being responsible for inactive refineries in Nigeria over the years and stressed that the removal policy was already attracting many private-sector investments.

Kyari stated, “I can confirm to you that by the end of December this year, we will start the Port Harcourt refinery; early in the first quarter of 2024, we will start the Warri refinery; and by the end of 2024, Kaduna refinery will come into operation.

“This is the commitment we are making today, and you can hold us accountable for it. In 2024, many of the initiatives, including the rehabilitation of our refineries, the efforts of small-scale refineries, and the upcoming Dangote refinery, will make Nigeria a net exporter of petroleum products.

“We will no longer be talking about fuel importation by the end of 2024. I am very optimistic that this will crystallize”.

Kyari promised that by the end of 2023, NNPCL would generate N4.5 trillion in government revenue as it now complied with the Petroleum Industry Act by providing value to its shareholders.