Nigeria’s President Bola Ahmed Tinubu has unveiled a significant initiative aimed at achieving self-sufficiency in petroleum products for Nigeria in 2024. This ambitious plan involves the revival of local refining with the upcoming full operation of the Port Harcourt Refinery and the Dangote Refinery, set to come online early in the year.
President Tinubu made this announcement during his New Year message to Nigerians on January 1st, 2024. He emphasised the commitment to ensuring the refineries reach full production capacity, marking a crucial milestone in Nigeria’s quest for independence in petroleum products.
In addition to the petroleum sector, the president highlighted the federal government’s determination to expedite service delivery across various sectors. He pointed out that the groundwork for Nigeria’s economic recovery plans had been laid in the preceding seven months, providing a solid foundation for accelerated progress.
President Tinubu reiterated his dedication to a new power deal, aiming to enhance the Siemens Energy Power project. This initiative, under the Presidential Power Initiative launched in 2018, seeks to deliver reliable electricity to Nigerian homes and businesses. The President emphasised the critical role of consistent power supply in achieving meaningful economic transformation.
He also provided updates on ongoing power installation projects, focusing on strengthening the reliability of transmission lines and optimising the national grid across the country. President Tinubu’s administration aims to address the core infrastructure challenges, laying the groundwork for sustainable economic development in Nigeria.
“My administration recognises that no meaningful economic transformation can happen without steady electricity supply. In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery which shall fully come on stream,” the President affirmed.