After $2.4bn Spent, NNPC Turns to Chinese Firms to Revive Idle Refineries

The Nigerian National Petroleum Company Limited has signed an MoU with two Chinese firms to rehabilitate two government-owned refineries that have consumed over $2.4 billion with little output. This agreement marks a shift towards Chinese industrial capital to convert underperforming assets into working facilities. Previous rehab efforts faced criticism over cost overruns and lack of transparency, prompting calls for strict performance benchmarks. If executed well, the revival could boost domestic fuel production, reduce import dependence and fuel subsidy costs, and create downstream jobs and supply-chain opportunities.

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