Post #180

🇳🇬Touch Them and You'll Hear a Lot of Noise 🌐 Nigeria’s state oil company NNPCabandonedthe idea to sell country's 4 near-dead state-owned refineries. The managers await someone to create joint ventures with. ⏩Recently NIgeria has been extremely successful in attracting private investment into oil treatment 🔸However, there are still the 4 state-owned refineries - Port Harcourt, Kaduna and Warri plants - that stand as a testament to Abuja's failure, which had been working far below their capacity before 2019 and afterwards stopped. ⏩ Between 2019 and 2023 Nigeria approved $3 billion for repair works. In total the rescue attempts have cost about 18 billion dollars. 🔸If NNPC sold the refineries now, no investor would pay a price that covers even a small part of those. The market would price the plants as old, rusty, falling apart - as they actually are - and facing strong competition from Dangote refinery. Even if NNPC tried to sell them, it would only provoke a lot of ridicule and anger about the lost investments. There is no doubt that the NNPC is now hijacked by corruption and is being used by official elites to extract oil rents. However, it seems that as soon as the factories completely collapse, serious conversations will begin about who is to blame. Devils Below