In a major leap towards energy self-sufficiency, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the Kaduna Refinery project is now 81% complete. Speaking at an event on Tuesday, CEO Farouk Ahmed revealed that the progress signals a crucial step in shielding Nigeria from volatile global oil prices. However, Ahmed cautioned that pipeline rehabilitation remains a major parallel project necessary for full operations.
The Kaduna Refinery, alongside Warri, Port Harcourt, and private plants like Dangote Refinery, forms part of a broader national strategy to strengthen domestic refining. Ahmed emphasized that boosting local refining capacity is critical to protecting government revenue from the shocks of global crude price swings, especially with Nigeria’s heavy dependence on oil exports.
As the refinery nears 100% readiness, hopes are high that it will ease foreign exchange pressures and stabilize the Nigerian Naira.
Source: Nairametrics
