The Nigerian National Petroleum Company Limited (NNPCL) is pleased to announce that Nigeria is poised to become a significant player in the global refined petroleum products market. By December, the country aims to transition from being a net importer to a net exporter of these products, marking a significant milestone in its economic development.
The Group Chief Executive Officer (GCEO) of the Nigerian
National Petroleum Corporation Limited (NNPCL), Mele Kyari, announced on Monday
that the Port Harcourt Refinery will commence full operations and begin
supplying petrol from the following month. During a briefing with the National
Assembly Joint Committee on Finance, Kyari indicated that the Warri and Kaduna
refineries are scheduled to follow suit by December.
On Tuesday, the corporation revealed Kyari’s engagement with
the legislators in Abuja through its X handle. According to the post, the NNPCL’s
leader joined other important stakeholders in the nation’s economy at an
Emergency Interactive Session organized by the Senate Committee on Finance,
which was led by Senator Muhammed Sani Musa, to talk about economic issues.
PHOTO NEWS:
— NNPC Limited (@nnpclimited) July 16, 2024
GCEO NNPC Limited Addresses Senate on Economy
The Group CEO, NNPC Limited, Mr. Mele Kyari yesterday joined other critical stakeholders of the nation's economy at an Emergency Interactive Session organised by the Senate Committee on Finance, led by Senator Muhammed… pic.twitter.com/cczPH2uaaq
“During the session, Kyari explained that based on emerging
indicators and developments in the energy sector, Nigeria will be a net
exporter of petroleum products by the end of the year,” the post read.
“The GCEO also noted that the recent growth in the nation’s
crude oil production was as a result of Mr. President’s Executive Orders and
the ongoing war on low crude oil production embarked on by the NNPC Limited and
other industry stakeholders.
“The NNPC Limited, Kyari added, will continue to live up to
its mandate of guaranteeing national energy security, as stipulated by the
Petroleum Industry Act (PIA) 2021.
During his presentation, the Central Bank of Nigeria (CBN) Governor, represented by the Deputy Governor of Economic Policy, Muhammad Abdullahi, indicated that the current challenges posed by increasing inflation, foreign exchange rate fluctuations, and food inflation are anticipated to exhibit a downward trend in the near future.
In his earlier submission, the Minister of Budget and National Planning, Bagudu, mentioned that the implementation of the 2024 budget has already commenced.
He further stated that there are ongoing negotiations with labor leaders regarding minimum wage to guarantee the prevention of any further disruptions to the economy.
In his address, the committee chair earnestly implored Nigerian citizens to maintain their resilience as the government diligently endeavors to stabilize the economy through continuous efforts.