The Group Managing Director, Nigerian National Petroleum Corporation , Mele Kyari, who disclosed this at the 15th Oil Trading and Logistics Africa Downstream Week, said Nigeria’s petroleum product demand would grow to 17.3 million metric tons by 2025, up from the 15.1 million MT in 2020.
According to him, between $1.6 billion and $2.7 billion was required by the corporation to improve the supply and distribution of petroleum products, revamp Liquefied Petroleum Gas infrastructure, and build Compressed Natural Gas plants in the country. He said, “As Nigeria’s demand for petroleum products is expected to grow from 15.1 million MT in 2020 to 17.3 million MT by 2025, the country needs a refining capacity of about 1.52 million barrels per stream day , to meet its PMS requirement in the next four years.
“NNPC is adding 215,000 BPSD of refining capacity through private sector-driven co-location at the existing facilities in PHRC and WRPC, respectively. Modular refineries are also adding capacities, such as the 5,000 BPSD Waltersmith refinery, which will be upgraded to 50,000 BPSD.