President Bola Ahmed Tinubu has pledged to improve Nigeria’s power and oil sectors in 2024 during his New Year’s Day speech to Nigerians on January 1, 2024.
According to him, his administration has been working within the last seven months of 2023 to improve service delivery across different sectors.
The president emphasised the power and oil sectors as key focus areas for this objective. According to him, the administration will soon deliver the ongoing work in the power and oil sectors.
Tinubu, in his speech, conveyed that after establishing the groundwork for the country’s economic recovery plans in the last seven months of 2023, the administration is now ready to expedite service delivery across various sectors.
He said: “Having laid the groundwork of our economic recovery plans within the last seven months of 2023, we are poised to accelerate the pace of our service delivery across sectors.
“Just this past December during COP28 in Dubai, the German Chancellor, Olaf Scholz, and I agreed and committed to a new deal to speed up the delivery of the Siemens Energy power project that will ultimately deliver a reliable supply of electricity to our homes and businesses under the Presidential Power Initiative which began in 2018.
“Other power installation projects to strengthen the reliability of our transmission lines and optimise the integrity of our national grid are ongoing across the country. My administration recognises that no meaningful economic transformation can happen without a steady electricity supply.
“In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery which shall fully come on stream.”
In 2023, the Tinubu administration announced that the Port Harcourt refinery achieved mechanical completion. However, it is crucial to clarify that despite reaching this milestone, the refinery does not yet possess the capability to refine crude oil.
The Nigerian National Petroleum Company (NNPC) Limited has laid out a timeline for completing phase two of the Port Harcourt refinery by the year 2024. Mele Kyari, the GCEO of NNPC, had previously communicated:
“In our quest to ensure that this refinery is re-streamed to continue to deliver value to Nigerians, we made a promise that we will reach a mechanical completion of phase one of the rehabilitation project by the end of December and get the other plants running in 2024.
“Today, we have kept those commitments. We are done with phase one. We will complete phase two as promised within 2024, maximum – the last quarter of 2024.”
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