Mele Kyari, the Group Executive Officer of the Nigerian National Petroleum Corporation Limited (NNPCL), announced on Monday that Nigeria is on track to achieve net petroleum export status by December 2024. He attributed this forthcoming milestone to emerging trends in the energy and gas sectors.
During an interactive session with the Senate Committee on Finance to discuss Nigeria’s economic status, Kyari emphasised the ongoing improvements and strategic initiatives in the oil industry. Key attendees included Heineken Lokpobiri, the Minister of State for Petroleum Resources; Atiku Bagudu, the Minister of Budget and National Planning; Sani Abdullahi, representing Central Bank Governor Olayemi Cardoso as Deputy Governor of Economic Policy; and Wale Edun, the Minister of Finance.
Kyari credited this anticipated achievement to a combination of production from NNPCL, the newly commissioned Dangote refinery, and other smaller producers. He highlighted that the Port Harcourt refinery would commence production early next month, followed by the Warri refinery in subsequent months, and the Kaduna refinery by December this year, facilitating Nigeria’s transition to net exporter status.
He further noted that Nigeria’s oil production is expected to reach 2 million barrels per day in the coming months, with all necessary preparations already in place. “NNPCL and the oil and gas industry play crucial roles in turning around our current economic situation,” Kyari affirmed.
Speaking about the broader economic context, Atiku Bagudu mentioned the ongoing implementation of the 2024 budget and negotiations with labor leaders on minimum wage to mitigate economic disruptions.
Chairman of the Committee, Sani Musa, acknowledged recent economic challenges and emphasized the government’s commitment to stabilizing the economy. “Our critical interactive session with you as economic managers is focused on growth and effective policy implementation,” Musa stated. “The National Assembly, as representatives of the people, is committed to oversight and ensuring accountability in our economic policies.”