Bids for private management of Nigeria's recently renovated Port Harcourt refinery opened, media reported.
The Nigerian National Petroleum Company's Port Harcourt refinery, in operation since 1965, was recently renovated, media reported. The 210,000 barrels per day complex is the largest of the state-owned facilities.
The commencement of production at the Port Harcourt complex and the Dangote refinery is expected to enhance the nation's foreign exchange earnings and alleviate inflation, which escalated to 28.9% in December, partly due to the abolishment of fuel subsidies, the outlet noted.
In May 2023, Nigerian President Bola Tinubu launched a series of reforms to revive the country's economy, including the removal of costly fuel subsidies and the liberalization of the foreign exchange market.