According to an aide of Tinubu, the Port Harcourt Refinery is operational.

The recent inauguration of the Port Harcourt Refinery marks a significant development in Nigeria’s oil sector, as highlighted by Fredrick Nwabufo, Senior Special Assistant to President Bola Tinubu on Public Engagement. This event, which took place on November 26, 2024, signifies the revival of a critical national asset that has long been dormant.

Nwabufo emphasized that the refinery’s operational status is a testament to the administration’s commitment to revitalizing the country’s oil and gas industry, which has suffered from years of neglect. Established in 1965, the refinery had faced numerous challenges that hindered its functionality. Previous administrations failed to initiate the necessary reforms to restore the refinery, resulting in substantial revenue losses for the nation. It was not until the Buhari administration that efforts were made to rehabilitate this vital facility, with contracts awarded in March 2021 to commence repairs.

The current administration under President Tinubu is taking bold steps to further enhance the oil sector. Nwabufo noted that the president has implemented significant reforms, including the issuance of five executive orders aimed at unlocking over $2.5 billion in investments. These initiatives are expected to reduce the financial burden of petrol subsidies, allowing for the repurposing of funds to foster local refining capabilities.

Amidst the positive developments, concerns regarding the sustainability of the refinery and the authenticity of certain reports, such as claims about fuel blending practices by the Nigerian National Petroleum Company Limited (NNPCL), have been addressed by Nwabufo. He assured stakeholders that the administration is committed to resolving any issues that may arise as the refinery begins its operations.

The successful launch of the revamped Port Harcourt Refinery is not just a moment of celebration; it represents a pivotal opportunity for Nigeria to reclaim its position in the global oil market and enhance its economic stability. As the facility resumes operations, the focus will now shift to ensuring its long-term viability and contribution to the nation’s development.