PETROAN urges swift action on NNPC refineries’ privatisation
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has renewed calls for the privatisation of Nigeria’s four state-owned refineries. Billy Gillis-Harry, the association’s National President, argued that private sector management is vital for efficiency and energy security. The group believes that privatisation will ease the government’s fiscal burden and attract much-needed investment. The Manufacturers Association of Nigeria also supports selling the refineries, citing their drain on the economy.
TLDR
- PETROAN urged the Federal Government to transparently conclude the refineries’ privatisation by the first quarter of 2026.
- The association said privatisation would improve efficiency, attract private capital, and reduce Nigeria’s dependence on imported petroleum products.
- The 2026 Budget is based on a crude oil production target of 1.84 million barrels per day and an oil price benchmark of $64–65 per barrel.
- Despite significant spending, including $1.4bn for Port Harcourt in 2021 and N100bn on rehabilitation that year, the refineries remain unproductive.
- Bayo Ojulari, NNPC’s new GCEO, rejected calls for privatisation, stating the company is reviewing the refineries’ viability for potential overhaul or repurposing.
