RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

NNPC Sets Timeline to End Petrol Imports as Dangote, Another Refinery Commences Production

Akpan Edidong by Akpan Edidong
February 28, 2024
in Economy, Markets
Reading Time: 2 mins read
A A
0
NNPC CEO: NNPC Utilizes Official Forex Rate, Fuel Price Unaffected by Exchange Rate Changes
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Nigerian National Petroleum Company Limited (NNPCL) has unveiled ambitious plans to eradicate Nigeria’s energy scarcity within the next decade. This revelation coincides with significant progress made by two major refineries in the country, Dangote and the Port Harcourt refinery, in commencing the production of Premium Motor Spirit (PMS), commonly known as petrol.

Mele Kyari, the group chief executive officer of NNPCL, outlined the timeline for ending petrol imports. He emphasized the corporation’s collaboration with stakeholders in the energy sector to address Nigeria’s acute energy deficit.

AlsoRead

Nigeria’s External Debt Projected to Reach $72.6 Billion by 2027 – IMF

NGX Gains 0.53% as Airtel Africa and First Holdco Lead Market Rally

Nigeria’s Crude Oil Exports Climb to N11.2 Trillion in First Quarter of 2026

Last week, Minister of State for Labour and Employment, Nkeriuka Onyejeocha, disclosed that the Port Harcourt refinery, which is nearing completion, stands at approximately 80% readiness. The refinery is poised to churn out approximately 10 million litres of petrol daily. Earlier reports indicated that the refinery received 475,000 barrels of crude oil from Shell Petroleum Development Company Limited, marking a significant milestone after years of dormancy necessitated by the plant’s rehabilitation and testing.

Shell Petroleum lauded the successful crude oil supply, attributing it to meticulous preparations and collaborative efforts between the Bonny Oil and Gas Terminal (BOGT) and Port Harcourt Refinery Company teams. Key activities, including pressure and leak testing, were carried out to ensure pipeline integrity by subsidiaries of the Nigerian National Petroleum Company (NNPL).

Speaking at the opening ceremony of the 7th edition of the Nigerian International Energy Summit in Abuja on Thursday, February 27, 2024, Mele Kyari expressed NNPC’s commitment to closing the energy deficit gap and fostering prosperity for Nigerians. He affirmed that Nigeria’s energy challenges would be resolved within the next decade, underscoring NNPC’s pivotal role as the primary partner to all oil-producing firms in the country.

Kyari also highlighted NNPC’s proactive measures, including investments in the proposed African Energy Bank, aimed at securing sustainable funding for energy projects across Africa to ensure energy security.

Furthermore, NNPC revealed the construction of a 150 million litre storage facility for the Port Harcourt Refining Company at the Atlas Cove Jetty in Lagos State. This facility plays a crucial role in receiving and distributing petroleum products to the western region of Nigeria, reinforcing NNPC’s commitment to enhancing energy infrastructure.

As Dangote and the Port Harcourt refinery gear up for production, Nigeria inches closer to achieving self-sufficiency in petrol production, marking a significant milestone in the nation’s energy landscape. With concerted efforts from industry stakeholders and robust investments in energy infrastructure, Nigeria is poised to overcome its longstanding energy challenges and usher in an era of energy abundance and prosperity for its citizens.

Source: [Legit.ng](https://www.legit.ng/business-economy/energy/1581085-nnpc-puts-timeline-petrol-import-dangote-refinery-begins-production/)

Tags: #NigeriaDangote RefineryEnergy ScarcityMele KyariNNPCPetrol ImportPort Harcourt Refinery
Previous Post

Dollar Crashes Against Naira on Binance Trading at N1,415/$ Amid CBN Directives to BDCs

Next Post

National Assembly Proposes N1 trillion Capital Base Bill to Strengthen CBN

Related News

IMF Applauds Tinubu Policy Reforms While Lowering Growth Projections

Nigeria’s External Debt Projected to Reach $72.6 Billion by 2027 – IMF

by Jide Omodele
June 10, 2026
0

The International Monetary Fund (IMF) has projected that Nigeria’s public external debt will rise sharply to $72.6 billion by 2027,...

Liquidity Crunch: Banking Sector’s Borrowing from CBN Surges to N12 Trillion.

NGX Gains 0.53% as Airtel Africa and First Holdco Lead Market Rally

by Jide Omodele
June 10, 2026
0

The Nigerian equities market extended its positive performance on Tuesday, closing higher by 0.53% amid renewed buying interest in major...

Oil Prices Reach $90 Following Supply Reduction by Saudi Arabia and Russia.

Nigeria’s Crude Oil Exports Climb to N11.2 Trillion in First Quarter of 2026

by Akpan Edidong
June 9, 2026
0

Nigeria recorded crude oil exports worth N11.20 trillion in the first quarter of 2026, reinforcing oil’s position as the country’s...

Ex President Trump Makes Resounding Return to Twitter, Now Rebranded as X

Nigerians Spend Over N50 Billion on US Visas in Two Years as Approval Rate Drops 23%

by Victoria Attah
June 9, 2026
0

Nigerians paid more than N50 billion in application fees for United States visas between 2023 and 2024, even as the...

Next Post
National Assembly Proposes N1 trillion Capital Base Bill to Strengthen CBN

National Assembly Proposes N1 trillion Capital Base Bill to Strengthen CBN

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Naira appreciated to N738/$ in the Parallel Market

Naira Holds Steady at N1,361/$ as Dollar Gains Support from Robust US Jobs Data

June 10, 2026
IMF Applauds Tinubu Policy Reforms While Lowering Growth Projections

Nigeria’s External Debt Projected to Reach $72.6 Billion by 2027 – IMF

June 10, 2026

Popular Story

  • Legal Action Launched Against TotalEnergies Over Mozambique Attack

    Legal Action Launched Against TotalEnergies Over Mozambique Attack

    0 shares
    Share 0 Tweet 0
  • Navigating Turbulent Waters: Canadian dollar is vulnerable external stocks  

    0 shares
    Share 0 Tweet 0
  • Shocking: “Undress” An AI Tool That Unveils Digital Representations of Individuals Without Clothing

    0 shares
    Share 0 Tweet 0
  • Top 10 Best-Performing Insurance Stocks in Nigeria for 2025

    0 shares
    Share 0 Tweet 0
  • W. Africa Crude-Brent-Dubai spread seen hurting Asian demand

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>