Port Harcourt Refinery Shutdown Costs Nigeria ₦366bn in Five Months

Port Harcourt Refinery Shutdown Costs Nigeria ₦366bn in Five Months

The shutdown of the Port Harcourt Refinery has cost Nigeria an estimated ₦366.21 billion ($249.7m) between May and October 2025, Daily Trust reports.

The refinery, revived in November 2024 after a $1.5bn rehabilitation, was shut again in May 2025 for maintenance. Before closure, the NNPCL claimed it produced 1.4m litres of petrol daily, but insiders say it never operated, alleging imported products were sold as locally refined fuel.

NNPCL CEO Bayo Ojulari admitted the company lost up to ₦500m monthly due to inefficiencies. Meanwhile, IPMAN and refinery workers have accused management of mismanagement and deception.

Experts, including Prof. Wumi Iledare, warn the prolonged shutdown worsens foreign exchange pressure and erodes domestic value creation, urging transparency and commercial discipline in refinery operations.