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Tinubu Announces Plans To Privatize Nigerian Refineries

The Nigerian Presidency has disclosed plans for the "complete privatisation" of  state-owned refineries. In a post on X (formerly Twitter), the president's Special Advisor on Media and Communications, Sunday Dare, wrote: "Full privatisation of Port Harcourt, Warri, Kaduna refining in the works". 

The country has four main refineries which produce about 445,000 barrels per day. Analysts say, however, that the refineries have performed below optimal levels despite the "huge resources" that have been earmarked for their rehabilitation.

The Nigerian National Petroleum Company Limited responded to statements that one of its refineries in Port Harcourt was no longer producing products by saying: "The Old Port Harcourt Refinery is currently operating at 70 per cent of its installed capacity, with plans to ramp up to 90 per cent."

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