Fuel marketers have backed a new plan by the Nigerian National Petroleum Company Limited to revive Nigeria’s struggling refineries, saying the partnership with Chinese firms could finally bring long-idle assets back to life.
The national oil company recently signed a deal with two Chinese partners to rehabilitate and run the Port Harcourt and Warri refineries under a technical equity arrangement a model that gives the partners a stake in the business, not just a contract.
Industry players say that detail could make all the difference.
Clement Isong, Executive Secretary of the Major Energies Marketers Association of Nigeria, said the refineries have swallowed huge investments over the years without delivering results.
Bringing in partners who have both technical expertise and financial interest in the outcome, he argued, creates a stronger incentive to get things working and keep them running.
In his view, it’s not just about fixing old infrastructure. It’s about making sure the facilities operate efficiently and sustainably going forward something the country has struggled to achieve.
The same sentiment was echoed by the Petroleum Products Retail Outlets Owners Association of Nigeria, which described the move as a shift from past approaches that failed to deliver meaningful results.
Its president, Billy Gillis-Harry, said the equity model introduces accountability and performance discipline that had been missing in previous turnaround efforts.
The stakes are high. The Port Harcourt and Warri refineries together have a capacity of about 335,000 barrels per day, but years of underperformance have left Nigeria heavily dependent on fuel imports.
Supporters of the deal believe reviving local refining could ease pressure on foreign exchange, stabilise the naira, and ultimately lower fuel prices through increased supply and competition.
There’s also the promise of jobs from engineering to logistics and wider economic activity around the refinery hubs.
The proposed partnership goes beyond basic repairs. According to the NNPC, it includes plans to develop gas-based industrial clusters around the refineries, potentially transforming them into broader energy and petrochemical centres.
Still, not everyone is convinced. Critics, including business leaders like Aliko Dangote and former President Olusegun Obasanjo, have previously questioned whether the ageing refineries are worth reviving at all.
There are also concerns about how this new agreement fits with earlier deals signed to fix the same facilities and whether this latest attempt will succeed where others fell short.
For now, marketers are cautiously optimistic. Their argument is simple: if the refineries finally start producing again, the impact will be felt across the economy and for many Nigerians, that alone makes the gamble worth it.
