To boost Nigeria’s refining capacity with a view to becoming a net exporter of petroleum products, which is certain to boost the nation’s economy, the Nigerian National Petroleum Corporation revealed that it is currently considering equity participation in a number of private refineries in the country, including a proposed $2.8bn investment in the Dangote refinery.
This is in line with a federal government policy directive, which stipulates the mandatory participation of the corporation in any privately owned refinery that exceeds 50,000 barrels per day capacity in keeping with its statutory role of safeguarding national energy security.
Group Managing Director of NNPC, Mele Kyari, was on ARISE NEWS’ Morning Show on Wednesday and revealed the country’s oil company is taking concrete steps in transiting into an energy company that will be recognised by international experts.
Kyari assured that the move to seek equity participation in the private refineries would not undercut its commitment to the rehabilitation of its own refineries and the strengthening of the domestic refining sector.
He also spoke on a wide range of issues affecting Nigeria’s energy sector.
Watch the engaging interview.