Nigeria posted a total loss of 132.5 billion naira from the operation of its four refineries last year, the state-run oil firm Nigerian National Petroleum Corporation (NNPC) has said, accentuating the dilapidating state of the refining firms.
Africa's biggest economy operates four refineries located in Port Harcourt, Kaduna, and Warri with a combined installed capacity of 445,000 barrels per day.
However, Nigeria continues to depend largely on imported gasoline to power the economy as a result of the weak performance of the refineries.
Breakdown of the operating loss from the refineries showed that the Port Harcourt refinery recorded the biggest deficit of 59.96 billion naira last year. The refinery has remained shut for about seven months.
The Kaduna refinery, which has also been idle for the past 11 months, lost 31 billion naira while Warri refinery recorded a deficit of 41.71 billion naiira.
The inability of the country to restructure the refineries and adapt it to function maximally continue to cost the country huge foreign exchange loss.
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