Idle and Indebted: Nigeria’s Ailing Refineries Amass Over N3trillion in Debts Since 2020
Nigeria’s refineries in Port Harcourt, Kaduna, and Warri have accumulated significant debts since 2020, despite struggling to serve the country’s needs.
The refineries have been idle for most of the past decade, with average capacity utilization ranging from 15% to 25%. The Nigerian government has awarded contracts to repair the Warri and Kaduna refineries, which are expected to be completed in phases over the next few years. However, the refineries’ poor operating record and significant debts raise concerns about their long-term viability.
