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Business News of Tuesday, 7 November 2023


'By the power vested in me' - FG threatens to revoke licenses of new refineries, gives reasons

President Bola Tinubu President Bola Tinubu

The Nigerian government has threatened to revoke the licenses of inactive modular refineries.

The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, said that Nigeria has many modular refineries that have been licensed but face feedstock challenges.

Lokpobiri reveals the challenges of modular refineries

He said the lack of feedstock has made the operations of the refineries impossible.

The minister disclosed this while answering questions from journalists at the end of a three-day ministerial retreat at the State House Conference Centre in Abuja.

He revealed that Nigeria needs to produce sufficient crude, even the refineries will have no feedstock.

"So my challenge is to ramp up production so that we can see how we can feed not only the big refineries but also the modular refineries, these are the real employers of labour, and they will do the magic," the oil minister said.

According to the Minister, he liberalized licenses and granted approvals within 24 hours to speed up the production of refined products.

FG to hold NNPC responsible for refinery failure

The minister said the easiest way for Nigeria to come out of its petrol crises is to ramp up production, noting that the midstream and downstream sectors will only succeed if there is sufficient production.

FG to hold NNPC responsible for Nigeria're refineries The minister said the Nigerian National Petroleum Company Limited (NNPCL) will be held accountable if the nation's refineries fail to meet their deadlines.

Lokpobiri revealed that the government of President Bola Tinubu is committed to rehabilitating the refineries in Port Harcourt, Kaduna, and Warri, stressing that the projects are still ongoing.

He said he has gone around the facilities and that the Port Harcourt refinery is phase three and would be ready this year.

Lokpobiri added: "For Warri refinery, they said phase 1 will be ready by the end of the year. Phase 2 and 3 in Port Harcourt will be prepared next year, and the Kaduna refinery will be scheduled by the end of next year. That is what they said, and I am holding them accountable to their own words.

"I will be going there in the next few weeks. I go there regularly and sometimes without a schedule so that nobody plans for me. I see what is going on.