The Nigerian National Petroleum Company Limited (NNPCL) has hinted at the possible sale of Nigeria’s state-owned refineries, pending the outcome of a comprehensive strategic review expected to be completed before the end of 2025.

Speaking to Bloomberg on the sidelines of the 9th OPEC International Seminar in Vienna, Austria, NNPCL Group CEO, Bayo Ojulari, said the company is reassessing its refinery rehabilitation approach due to persistent challenges and disappointing outcomes.

“We made quite a lot of investment over the last several years and brought in a lot of technologies. We’ve been challenged,” Ojulari said.
“Some of those technologies have not worked as we expected. Refining a very old facility that has been abandoned for some time is proving to be more complicated.”

Nigeria’s four refineries located in Port Harcourt, Warri, and Kaduna have long struggled with inefficiency, poor maintenance, and prolonged inactivity despite billions of dollars invested in turnaround maintenance.

Ojulari revealed that while Port Harcourt refinery briefly resumed crude processing in November 2024, it shut down again in May 2025 for maintenance. The Warri and Kaduna refineries remain under rehabilitation.

He confirmed that privatization is one of the options being considered.

“Sale is not out of the question. All the options are on the table, to be frank,” he stated.
“That decision will be based on the outcome of the reviews we’re doing now.”

The strategic review, once concluded, could mark a major shift in Nigeria’s energy policy and refinery operations. Stakeholders have long called for privatization as a solution to the refineries’ woes and to reduce Nigeria’s dependency on imported fuel.

Industry observers say the review’s findings could have far-reaching implications for Nigeria’s downstream oil sector and signal a move toward more private-sector-driven refinery operations.