Nigeria to become net exporter of petroleum by December, says Kyari

Mele Kyari, the Group Executive Officer of the Nigerian National Petroleum Corporation Limited (NNPCL), announced on Monday that Nigeria will become a net exporter of petroleum by December 2024. He attributed this shift to emerging indicators in the energy and gas sector.

During an interactive session with the Senate Committee on Finance on the state of Nigeria’s economy, Kyari emphasized the ongoing improvements and strategic initiatives in the oil industry. Key figures in attendance included Heineken Lokpobiri, the Minister of State for Petroleum Resources; Atiku Bagudu, the Minister of Budget and Economic Planning; Sani Abdullahi, the Deputy Governor of Economic Policy at the Central Bank of Nigeria (CBN), representing CBN Governor Olayemi Cardoso; and Wale Edun, the Minister of Finance.

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The NNPC Boss credited this anticipated achievement to a combination of production from NNPCL, the newly commissioned Dangote refinery, and other smaller producers.

Kyari highlighted that the Port Harcourt refinery would commence production early next month, followed by the Warri refinery in the subsequent months, and the Kaduna refinery by December this year which would enable Nigeri achieve the net exporter status.

He added that Nigeria’s oil production is expected to reach 2 million barrels per day in the coming months, with all necessary preparations already in place.

“Let me confirm that NNPCL and the oil and gas industry are crucial in turning around our current economic situation,” Kyari stated.

“We have seen growth in our oil and gas production due to actions taken by Mr. President and the declaration of a war on production activities, which is yielding the required results”, he added.

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“By December, this country will be a net exporter of petroleum products,” he affirmed. “This includes production from our refineries and the Dangote refinery, as well as other smaller producing companies.”

In his submission, Atiku Bagudu, Minister of Budget and National Planning dded that the 2024 budget is already being implemented and ongoing negotiations with labor leaders on minimum wage aim to prevent further economic disruptions.

Sani Musa, Chairman of the Committee, appealed to Nigerians to persevere, assuring that the government is working tirelessly to stabilize the economy.

“Our critical interactive session with you as managers of the economy is about economic growth and how we can get our policies to work,” Musa stated. “The National Assembly is very concerned because we are the representatives of the people. We are obliged to ask what is happening, and this is the reason for the meeting.”

He acknowledged the challenges the economy has faced in recent years and stressed that recovery will be gradual. “The indicators are showing that the economy is doing well. It takes time for inflation to go down,” he added.