As Nigeria charts its course in the energy sector for the year ahead, several critical focal points and transformative initiatives take center stage.
Petrol Subsidy Accountability
The removal of petrol subsidies under the Bola Tinubu administration generated expectations of substantial savings, reaching N1 trillion. However, concerns linger about transparency and the effective utilization of these funds for nationwide interventions.
OPEC Quota Challenges
Negotiating an OPEC oil production quota of 1.5 million barrels per day (bpd) for 2024, Nigeria faces operational hurdles, striving to align with and surpass OPEC expectations amidst security overhauls.
Refinery Revitalization
With the completion of Port Harcourt refinery’s rehabilitation and the imminent commissioning of the Dangote refinery, Nigeria aims to shift towards domestic refining, potentially reducing fuel imports, creating jobs, and impacting petroleum product prices.
NNPC’s Public Offering
The Nigerian National Petroleum Company Limited’s (NNPC) journey towards an Initial Public Offering (IPO) gains momentum, signifying a transformative move in 2024 to enhance transparency, reshape the nation’s oil and gas dynamics, and invite public participation.
Source：thisdaylive.com
