Senate Leader Opeyemi Bamidele provided reassurance to Nigerians that the lingering fuel crisis plaguing the nation will soon be a thing of the past.
Speaking to reporters during the Oil Technology Conference (OTC) in Houston, Texas, Bamidele outlined the legislative efforts underway to tackle fuel scarcity and the frustrating queues at petrol stations.
He revealed plans to engage more private-sector participants in the establishment of new refineries, aiming to bolster the existing smaller refineries emerging across Nigeria. In addition, Bamidele emphasized the Senate’s commitment to revamp existing refineries through repairs and part replacements where necessary, alongside the licensing of new refinery operators.
Bamidele announced that the Nigerian National Petroleum Company Ltd. (NNPC Ltd.) assured the Senate of the imminent operationalization of two refineries in Warri and Port Harcourt by year-end. He stressed that such initiatives were crucial for elevating domestic oil production, aligning with Nigeria’s OPEC production quota objectives.
The focus, Bamidele reiterated, remains on ensuring Nigeria’s self-sufficiency in oil production, which would in turn generate increased revenue, reducing dependency on external fuel imports and potentially lowering petrol prices.
Joining the discourse, Sen. Ifeanyi Ubah, Chairman of the Senate Committee on Downstream, highlighted the prolonged neglect of refinery maintenance, dating back around 15 years.
He underscored the strain on NNPC Ltd. due to the absence of downstream sector deregulation, emphasizing the need for diversified petroleum product sourcing beyond a single entity.
Ubah proposed the establishment of a cluster of modular refineries in riverine communities to bolster self-sufficiency and meet local energy demands.
