NNPCL Calls $1.5bn Refinery A Waste
The Nigerian National Petroleum Company Limited has described the reopening of the Port Harcourt Refinery as a waste of public resources, despite spending about $1.5 billion on its rehabilitation.
The admission comes amid growing public concern over the refinery’s continued failure to operate as expected.
The oil company acknowledged that the huge investment has not delivered value, raising questions about planning, execution and oversight of the project.
The refinery, which was expected to boost local fuel production and cut import costs, has remained largely inactive.
NNPCL’s position has reignited debate over how public funds are managed in the energy sector. Many Nigerians are questioning why such a massive sum was committed to a facility that has struggled to function, even after years of repairs and repeated assurances.
The development has added pressure on the company and the federal government to explain what went wrong and how similar losses will be avoided in future projects, especially at a time when the country is battling economic strain and rising fuel costs.
