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President Bola Tinubu’s Promises for Power and Oil Sector Upgrades in 2024

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President Tinubu delegated control of crude oil sales revenue to the CBN.
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President Bola Tinubu’s Promises for Power and Oil Sector Upgrades in 2024

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President Bola Ahmed Tinubu’s recent New Year’s Day speech on January 1, 2024, brought forth promising news for the Nigerian power and oil sectors. In his address to the nation, President Tinubu emphasized the significant strides made by his administration in the last seven months of 2023 and outlined the forthcoming plans for accelerating service delivery across various sectors, particularly focusing on power and oil.

The President articulated that the groundwork for the country’s economic recovery had been laid in the preceding months of 2023, setting the stage for an expedited pace of service delivery in multiple sectors. In a pivotal development, President Tinubu disclosed the commitment made during COP28 in Dubai, where he and German Chancellor Olaf Scholz agreed to a new deal aimed at expediting the delivery of the Siemens Energy power project. This initiative, operating under the Presidential Power Initiative since its inception in 2018, seeks to ensure a reliable supply of electricity to Nigerian homes and businesses.

Furthermore, President Tinubu underscored ongoing power installation projects aimed at fortifying the reliability of transmission lines and enhancing the integrity of the national grid. He emphasized the administration’s recognition of the indispensable nature of a consistent electricity supply for meaningful economic transformation, signaling a resolute commitment to addressing this critical need in 2024.

 

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A significant aspect of President Tinubu’s address was the announcement of advancements in the local refining of petroleum products. Notably, the mechanical completion of the Port Harcourt refinery was revealed in 2023, marking a crucial milestone in the country’s efforts to bolster its refining capacity. However, it was clarified that, despite this achievement, the refinery is not yet equipped to refine crude oil.

The Nigerian National Petroleum Company Limited (NNPCL) has set forth a timeline for the phase two completion of the Port Harcourt refinery by the year 2024. Mele Kyari, the Group Chief Executive Officer of NNPCL, affirmed the commitment to achieving the mechanical completion of phase one of the rehabilitation project by the end of December and ensuring the full operation of the refinery in 2024. Kyari’s statement reflects the company’s dedication to fulfilling its promises and contributing to the nation’s energy security.

Furthermore, as Mele Kyari stated at the Energy and Labour Summit on October 9 in Abuja, Nigeria aims to become a net exporter of petroleum products by the end of 2024. This strategic objective aligns with the President’s vision of delivering immediate benefits through sufficient in-country volumes while generating export revenue, thereby bolstering the nation’s economic standing.

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In parallel, the Dangote refinery anticipates commencing operations in 2024, having received multiple shipments of crude oil, marking a significant step towards the facility’s startup phase. Initially, the refinery will prioritize refining diesel and aviation fuel before transitioning to the production of premium motor spirit (PMS) for domestic consumption.

President Tinubu’s commitment to advancing the power and oil sectors in 2024 signals a pivotal moment for Nigeria’s energy landscape. The administration’s proactive measures and partnerships with international entities demonstrate a concerted effort to address longstanding challenges and pave the way for a more robust and sustainable energy infrastructure.

As the nation looks ahead to the promised upgrades in the power and oil sectors, it is essential to monitor the progress of these initiatives and assess their impact on the country’s economic development and energy security. The successful execution of these plans has the potential to usher in a new era of prosperity and stability, positioning Nigeria as a leading player in the global energy arena.

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