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The Nigerian National Petroleum Company Limited (NNPCL) has announced the suspension of operations at some of its refineries as part of measures to prevent further value erosion and financial losses.
In a statement issued on Tuesday, NNPCL explained that the decision followed a comprehensive technical and commercial review of its refining assets, which revealed persistent operational challenges and rising maintenance costs.
The company said the suspension would allow for a reassessment of ongoing rehabilitation efforts and enable the adoption of more sustainable strategies, including partnerships with private investors.
“Continuing operations under current conditions would lead to further value erosion. This decision is aimed at protecting national assets and ensuring long-term viability,” the statement read.
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NNPCL assured Nigerians that the move would not disrupt fuel supply, noting that alternative arrangements, including imports and private refinery outputs, were in place to meet domestic demand.
Energy experts said the decision reflects the long-standing difficulties facing Nigeria’s state-owned refineries, which have struggled with inefficiency and underperformance for decades.
Labour unions, however, expressed concern about the potential impact on workers, urging the company to prioritise job security and clear communication.
NNPCL reiterated its commitment to transparency and reform, stating that the suspension was part of a broader transformation agenda to reposition the company as a commercially viable energy firm.
