The Business NG - July 14, 2025

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BusinessNG Editorial Focus – July 14, 2025
NNPCL’s Refinery Sale Plan: Reform or Risk?

As the Nigerian National Petroleum Company Limited (NNPCL) weighs the divestment of its three state-owned refineries—Kaduna, Warri, and Port Harcourt—the implications of such a move demand careful national scrutiny. GCEO Bashir Bayo Ojulari’s recent remarks at the 9th OPEC International Seminar in Vienna signal a bold shift in NNPCL’s strategy, one that aligns with broader reforms in the energy sector but also raises red flags.

BusinessNG believes that while efficiency, commercial viability, and private sector participation are crucial goals, a hasty or opaque sale process could saddle the country with long-term losses. The nation has spent billions trying to rehabilitate these refineries. Selling them before full optimization or without a transparent valuation process would erode public trust and may repeat past privatization mistakes.

As we move closer to the end-of-year review timeline, our editorial lens will remain focused on the mechanics, motivations, and macroeconomic consequences of this pivotal decision in Nigeria’s oil and gas landscape.