The nation’s refineries lost a total of N152.08bn in 15 consecutive months of being idle, the latest data from the Nigerian National Petroleum Corporation have shown.
Analysis of data collated from NNPC monthly reports revealed that all the refineries did not refine crude oil from July 2019 to September 2020.
The refineries, which are located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity.
The country relies largely on importation of refined petroleum products as its refineries have remained in a state of disrepair for many years despite several reported repairs.
The Kaduna refinery incurred an operating deficit of N57.99bn from July 2019 to September 2020, according to the NNPC data.
Port Harcourt refinery lost N48.99bn in the period under review while the Warri refinery lost N45.10bn.
The Group Managing Director, NNPC, Mallam Mele Kyari, has reiterated its plan to revamp the refineries and end fuel importation by 2023.
Bloomberg reported on January 15 that a year after shutting down all of its dilapidated refineries to figure out how to fix them, Nigeria still could not say how much it would cost to do the work or where the money would come from.
