The Nigeria Extractive Industries Transparency Initiative (NEITI) has commended the Nigerian National Petroleum Company Limited (NNPCL) on the successful resumption of operations at the Port Harcourt and Warri refineries.
In a statement released on Sunday, NEITI acknowledged that these achievements mark a significant step towards achieving energy self-sufficiency and fostering economic sustainability in Nigeria.
“This milestone will reduce the staggering costs associated with fuel importation and create a ripple effect across key sectors of the economy,” the statement read.
NEITI highlighted that the revitalization of these refineries will have a profound impact on Nigeria’s foreign exchange reserves, significantly reducing the substantial funds previously spent on fuel imports.
“Between 2006-2023 (in 18 years), a total of N15.87tn has been expended as under-recovery through price differentials (subsidy),” the statement noted. “This expenditure has placed a significant burden on the Nigerian economy.”
NEITI further emphasized that the resumption of refinery operations will contribute to job creation, stimulate local industries, and free up critical funds for other national priorities such as health, education, and infrastructure development.
While acknowledging the significant progress made, NEITI urged the NNPCL to expedite the second phase of the Port Harcourt refinery rehabilitation and the ongoing rehabilitation of the Kaduna refinery.
“We commend the leadership of the NNPCL team for their resilience, dedication, and unwavering determination in executing this complex and challenging task,” the statement concluded. “NEITI stands ready to collaborate with NNPCL to sustain and expand these gains in the national interest and Nigeria’s energy security.”
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