The Nigerian Refineries – The Need for Redemption.
Nigeria built its first refinery (Port Harcourt Refinery) in 1965, and since then the country has continued to experience a steady decline in the utilisation rate of its refineries. In 2018, the state-owned refineries recorded losses of NGN154bn according to the audited 2018 financials released by NNPC. Also, the Monthly Performance report shows a loss of NGN148bn in 2019, while from January- April 2020 an additional loss of NGN 3 9bn was incurred . The state-owned refineries include; Kaduna Refining and Petrochemical Company Limited (KRCPC), Warri Refining and Petrochemical Company (WRPC) and Port-Harcourt Refining Company Limited (PHRC), which has two refineries under its control. In the first two months of 2020, the combined consolidated capacity utilisation for all four refineries was 0.00%. In March and April, this increased to 4.50% and 2.30% respectively in the latest report released by the NNPC. The table ...