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Losses mount at idle Nigerian refineries

There is little hope that state-owned refiners will resume production, partly due to Covid-19, while the new Dangote refinery is insufficient to meet demand

Nigeria’s four state-owned refineries have been idle for more than a year as they wait for essential maintenance, with little likelihood of resuming production as cashflow constraints and coronavirus-related movement restrictions hamper repairs. The four refineries were completed between 1965 and 1989 and have a combined capacity of 445,000bl/d, which should be sufficient to meet around 70pc of daily domestic demand. The quartet registered combined operational expenses of NGN142.1bn ($367mn) in the 12 months to 30 June despite being out of service, according to the country’s NOC, Nigerian National Petroleum Corporation (NNPC). Consequently, Africa’s top oil producer is entirely reliant on

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