Nigeria Revamps Refineries with Privatization Bid to Boost Production and Relief

Nigeria's aging refineries face major revamp efforts as the country considers privatization to improve efficiency and reduce reliance on imports. The four state-owned refineries, opened in the 1960s and 1980s, require significant modernization.

Nigeria's aging state-owned refineries are in dire need of revamp, with four major facilities in Port Harcourt, Warri, and Kaduna dating back to the 1960s and 1980s. Despite efforts to modernize, the refineries have struggled to meet local demand for fuel, resulting in reliance on imported oil. A possible solution is privatisation, which could bring in much-needed investment and expertise to improve the facilities' operations and capacity. As Nigeria seeks to reduce its dependence on foreign oil, revamping its refineries through privatisation may be a crucial step towards energy self-sufficiency.