BPE refineries privatisation plan faces backlash as stakeholders warn it could fuel poverty, inflation, and deepen refinery woes in Nigeria

BPE refineries privatisation has ignited a storm of controversy across Nigeria, as industry stakeholders and citizens voice strong opposition to the proposed sale or concession of the nation’s three refineries in Port Harcourt, Warri, and Kaduna.

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The Bureau of Public Enterprises (BPE) recently announced plans to privatise or concession 91 state-owned enterprises, including the long-troubled refineries.

Officials promised a transparent process, but many stakeholders believe the timing is wrong and accuse the government of recycling failed strategies that have drained national resources for decades.

Critics argue that past turnaround maintenance projects, including the recent \$1.5 billion rehabilitation of the Port Harcourt refinery, have yielded nothing but losses.

Despite its relaunch in late 2024, the facility was shut down in May 2025, forcing Nigerians back into heavy reliance on fuel imports.

Industry voices, including the Independent Petroleum Marketers Association of Nigeria (IPMAN), warn that privatisation will worsen inflation, erode purchasing power, and allow profit-driven investors to exploit consumers.

Some, like IPMAN’s Chukwudi Akadike, demand accountability for billions already spent, insisting those behind failed rehabilitation projects face prosecution.

Economic experts also highlight the dangerous financial burden. The \$1.5 billion Port Harcourt project was financed through loans backed by Nigeria’s future oil sales, effectively mortgaging national resources.

Not all reactions were negative. Energy policy experts and PETROAN leaders described the BPE refineries privatisation as a potentially necessary step.

They argue that private sector investment could inject efficiency, capital, and innovation into refineries long crippled by mismanagement.

Still, sceptics remain wary, citing past failed attempts at privatisation, such as the reversed 2007 Bluestar Consortium deal. They caution against handing refineries to cronies or foreign interests who may prefer Nigeria to remain dependent on imports.

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As debate deepens, one question looms large: will privatisation rescue Nigeria’s refineries, or condemn them to another cycle of waste and controversy?