The Nigerian National Petroleum Company Limited (NNPCL) may sell off its three state-owned refineries following a comprehensive strategic review slated for completion by the end of 2025.

Group Chief Executive Officer of NNPCL, Bayo Ojulari, disclosed this during an interview with Bloomberg at the 9th OPEC International Seminar held in Vienna, Austria.

He noted that the company is reassessing the future of the Port Harcourt, Warri, and Kaduna refineries, as their rehabilitation has proven more difficult than initially anticipated.

“The review is ongoing, and all options are on the table. A sale is not out of the question,” Ojulari stated.

According to him, while NNPCL has invested significantly in revamping the aging facilities, the process has become “a little bit more complicated” due to long-standing neglect and complex operational challenges.

The development signals a potential shift in Nigeria’s approach to domestic refining, as Ojulari stressed the need for a more sustainable and efficient model to meet national energy demands.

The NNPCL boss further highlighted that the cost of producing crude in Nigeria remains high, ranging between $20 to $30 per barrel, largely due to persistent security challenges and pipeline vandalism. However, he reaffirmed the company’s commitment to increasing production, with a target of 1.9 million barrels per day by year-end.

Ojulari’s remarks come amid growing public concern over Nigeria’s reliance on imported refined products despite owning multiple refineries. The outcome of the strategic review could lead to the partial or full privatization of the assets, a move observers say may improve efficiency and reduce the country’s fuel import bill.

The NNPCL had earlier spent billions of dollars on refinery repairs, yet the facilities have remained largely non-operational for years. It’s left to be seen if those who claimed to have spent billions of dollars on the moribund refineries will be called to account for the huge sum spent on the dead horses.