Nigeria has lost about N366.210billion, equivalent to $249.7 million, following the shutdown of the Port Harcourt Refinery for 156 days between May 24 and October 31, 2025.
The refinery, located in Eleme, Rivers State, was rehabilitated with $1.5 billion in 2021 and reopened in November 2024 by the Nigerian National Petroleum Company Limited (NNPCL).
It was later shut down for “planned maintenance and sustainability assessment,” according to NNPCL.
Before the closure, NNPCL had announced that the facility was producing 1.4 million litres of Premium Motor Spirit (PMS) daily, in addition to kerosene, diesel, Low Pour Fuel Oil (LPFO), and Liquefied Petroleum Gas (LPG), Daily Trust reports.
However, findings by Daily Trust revealed that the shutdown had caused huge losses to the government, as the refinery could have produced products valued at N366.210 billion within the period.
NNPCL’s Group Chief Executive Officer, Bayo Ojulari, while addressing the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), said: “When I resumed, one of the first priorities I focused on was the refineries, to have a quick review, to see whether we could quickly fix it.
“What I found is that we were losing between N300 million to N500 million monthly on the overall refinery. For Port Harcourt, we were sending in about 950,000 barrels as cargo, but less than 40 per cent was coming out.”
But some staff members of the refinery, who spoke under anonymity, disputed the company’s claims, insisting that the refinery was never operational.
One of them said: “They were bringing in refined products through Indorama petrochemical, they will go there and wash the fuel, and now load it through NNPC refinery, Port Harcourt, they were not refining here.”
Another worker said management issued a circular barring staff from speaking to the press when reports of alleged product importation began to leak.
“As of the time the refinery was shut down, neither the new nor the old plant was working,” he said.
The National President of the National Association of Plant Operators (NAPO), Mr Harold Benstowe, blamed the refinery’s failure on monopoly in the oil sector.
“We have companies that can manage that refinery and you will see it will start working, but the monopoly in the production of fuel in Nigeria is one of the major factors working against the functioning of the refinery,” he said.
Similarly, the Independent Petroleum Marketers Association of Nigeria (IPMAN) expressed frustration over the continued shutdown of the refinery.
Its Eastern Zonal Secretary, Comrade Emmanuel Inimgba, said: “If the GCEO is unable to fix the Port Harcourt Refinery or demonstrate commitment to its rehabilitation, stakeholders and host communities will have no option but to call on President Tinubu to consider replacing him.”
He added that the continued closure had led to massive job losses among tanker drivers, NUPENG members, PETROAN staff, IPMAN workers, and residents of host communities, warning that the situation was worsening unemployment and economic hardship in the Niger Delta region.
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