Tinubu hails the re-opening of Warri refinery as a step towards ending petrol scarcity and inflation

PRESIDENT Bola Tinubu has hailed the re-opening of the Warri refinery as a remarkable achievement that will help bring about an end to the current petrol scarcity in the country that has brought about hyper-inflation.

Nigeria is currently suffering from the effects of inflation running at about 30% as a result of high petrol prices brought on by a removal of subsidies. Because Nigeria is so dependent on road transport for virtually everything, any hike in petrol prices has a domino effect on the rest of the economy.

Over the last two decades, Nigeria has been dependent on petrol imports as a result of the fact that its three refineries in Warri, Port Harcourt and Kaduna breaking down.  Over the last week, however, the Warri Refining and Petrochemical Company has been revived by the Nigerian National Petroleum Corporation (NNPC), adding 125,000 barrels of crude oil to the market in a daily basis.

Bayo Onanuga, President Tinubu's spokesman, said: “The restart of the Warri Refinery today brings joy and hope to Nigerians. This milestone will further strengthen the confidence of Nigerians in the brighter future we promised. It is a remarkable way to end the year, following the earlier success with the old Port Harcourt refinery.

"I am pleased that NNPC is implementing my directive to restore all four refineries to full working condition. I congratulate Mele Kyari and his team at the NNPC for their hard work in restoring our national pride and positioning Nigeria as a hub for crude oil refining in Africa.”

Only last month, the 60,000-barrel-per-day-old Port Harcourt refinery began operations as part of a programme to rehabilitate state-owned refineries. Mr Onanuga, added: “President Tinubu expressed confidence that, with the 125,000 barrels-per-day Warri refinery now operating at 60% capacity, his administration’s comprehensive plan to achieve energy efficiency and security is on track.

“Today, the Warri refinery has resumed operations just weeks after the 60,000 barrels-per-day Port Harcourt Refinery restarted in November. President Tinubu urged the NNPC to accelerate the repair of the Kaduna refinery and the 150,000 barrels-per-day second Port Harcourt refinery to consolidate Nigeria’s position as a global energy leader."