At the recent Nigeria International Energy Summit (NIES 2026) in Abuja, Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), acknowledged that the country’s federal government refineries have become 'monuments to waste' rather than profitable assets. This admission comes after years of public discontent and exorbitant government spending on refining capacity without any substantial return on investment. The NNPCL found that instead of creating value, the refineries are losing money and have no clear pathway toward achieving profitability.

OJulari's remarks highlight an ongoing frustration among Nigerians who have long criticized government mismanagement of resources and subpar performance of state-owned enterprises. The delay in acknowledging the inefficiency of these refineries raises questions about the integrity and responsiveness of government leaders to public needs. The plea for privatization reflects a growing sentiment that only a private sector approach could revitalize Nigeria’s oil industry, potentially leading to better efficiency and accountability.

As the government grapples with financial pressures and a need for economic reform, the future of these refineries remains uncertain. Privatization could attract much-needed investment and expertise, but it also raises concerns about job security for current employees and the overall impact on fuel prices for consumers. This moment presents a critical juncture for Nigeria's energy sector, as stakeholders debate the best path forward to ensure energy security and economic stability for the country.