Nigeria is exploring the sale of its state-owned refineries to boost competition in a market dominated by Aliko Dangote’s massive 650,000-barrel-a-day refinery. The country’s four state-owned refineries, with a combined capacity of 445,000 barrels per day, have been largely inoperable for years despite repair efforts totaling billions of dollars.
A presidential energy adviser confirmed that privatization is a key option to reviving the refineries, particularly after subsidies were removed, creating a more open market. Meanwhile, the Nigerian National Petroleum Company is simultaneously seeking technical equity partners to operate the plants. This strategy aims to transform the nation’s oil industry, ensuring it becomes more efficient and transparent for future growth.