Nigeria To Begin Export Of Petroleum Products By 2024 — Kyari

The group chief executive officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari, has made projection that Nigeria will start exporting refined petroleum products by 2024.

The NNPC boss made the declaration on Monday at the 2nd edition of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit in Abuja, where he said that the country will soon be self-sufficient in product production.

Speaking on the theme, “Petroleum Downstream Deregulation and Utilisation for a Sustainable Energy Future in Nigeria”, Kyari also justified the federal government’s rationale for fuel subsidy removal, adding that without the move, the NNPCL would have gone bankrupt.

He said that Nigeria needed to have sustainable energy that is anchored on the resources that are available and a replacement for biomass.

Kyari also advocated a shift in the transportation system towards other energy sources, particularly for mass transportation, which according to him, means Nigeria must do everything possible to bring to reality the current progress that is being made on the Compressed Natural Gas (CNG) buses across the country.

“Today, we export 100 per cent of our production, no resource-dependent country does this, and that is why we must deliver on our mandate.

“So it will be done, and you will see. I don’t want to speak about it. We are tired of speaking about it. But what we must achieve is that this country must be the net exporter of petroleum products.

“I strongly believe that in 2024, this country will become the net exporter of petroleum products. The meaning of this is that we will have sufficient volumes in-country, when refined locally, we do have advantages, creating wealth, creating taxes, and all forms of value, creating employment, and so on and so forth,” he said.

Earlier, PENGASSAN national president, Comrade Festus Osifo, called for a salary benchmark for oil and gas workers in the country.

He said the salary adjustment was necessary to align with the instrument of trade of the oil and gas commodity.

According to Osifo, the model practiced in Angola, where legislation pegs workers’ salaries in dollars and pays them the legal tender equivalent, was a testament to the possibilities of safeguarding the interests of workers amidst currency fluctuations.

He stressed that the recent floating of the Naira by the federal government in the official market has exacerbated the challenges faced by oil and gas workers.

He emphasised that Nigeria must explore innovative solutions to forestall financial losses to workers and prevent undue gains to companies, ensuring a fair and equitable environment for all.