For years, the Port Harcourt Refinery has stood as both a symbol of Nigeria’s oil wealth and its enduring mismanagement. Built in 1965, it once hummed with activity, refining crude oil into valuable products and fueling the economy. Today, however, it tells a different story—one of neglect, delays, and unfulfilled promises.

Barely two months after missing yet another deadline to revive the refinery, the Nigerian National Petroleum Company Limited (NNPCL) is once again scrambling for answers. The latest explanation comes from the company’s Chief Corporate Communications Officer, Olufemi Soneye, who blamed the missed September 2024 completion target on the complex challenges of working with a brownfield project.

“Mechanical completion of the PHRC revamp was successfully achieved several months ago, marking a significant milestone,” Soneye said, referring to the mechanical aspects of the rehabilitation. “However, as is common with brownfield projects of this scale and complexity, we encountered unforeseen risks and challenges.”

This technical jargon may mean little to Nigerians who have been fed a steady diet of assurances. What they know is this: the refinery is still not working, and there is no clear indication of when it will.

A Familiar Cycle

It’s not the first time the Port Harcourt Refinery’s revival has faltered. In fact, this latest setback marks the seventh time the government and NNPCL have failed to meet a self-imposed deadline. Yet again, Nigerians are told to wait—this time indefinitely—as Soneye cautiously offers “shortly” as the new timeline for completion.

Promises of a functioning refinery have been as plentiful as they are hollow. Since December 2023, when the NNPCL triumphantly announced that the facility had achieved “mechanical completion,” deadlines have come and gone with little to show for it. In January, testing was reportedly underway, and crude oil supplies from Shell were secured in February to facilitate production. By March, hopes soared when NNPCL’s Group CEO, Mele Kyari, confidently told the Senate that operations would begin in April.

Then came July, another month filled with optimism. Independent marketers hinted at an imminent start, while NNPCL blamed regulatory approvals for the delay. By September, however, silence from the oil giant spoke volumes.

A Nation Left Waiting

The refinery’s endless delays are more than a technical issue—they are a human one. Nigerians have waited patiently, believing that domestic refining would bring relief from skyrocketing fuel costs. Instead, they remain saddled with high pump prices, reliant on imported fuel, and vulnerable to the volatility of global markets.

Against this backdrop, the $1.5 billion loan secured in 2021 for the refinery’s rehabilitation is now under scrutiny. Critics, including human rights lawyer Femi Falana, have demanded transparency. Falana’s formal request for the project’s completion timeline, filed under the Freedom of Information Act, was met with a curt denial from Maire Tecnimont SPA, the contractor overseeing the work.

As Maire Tecnimont’s legal counsel explained, the company is a private contractor and not bound by FOI obligations. While legally sound, the response left Nigerians in the dark, fueling suspicions of mismanagement and inefficiency.

Broken Promises, Growing Skepticism

The saga of the Port Harcourt Refinery is a microcosm of broader dysfunction in Nigeria’s oil and gas sector. The NNPCL’s repeated assurances have done little to stem the tide of public frustration. From Mele Kyari’s bold 2019 promise to restore all four of Nigeria’s refineries before the end of former President Muhammadu Buhari’s tenure to his more recent declaration that Nigeria would soon be a net exporter of petroleum products, each proclamation has crumbled under the weight of reality.

The irony is not lost on Nigerians: a country blessed with abundant crude oil is unable to refine enough for its own needs. Meanwhile, fuel imports continue unabated, with the NNPCL recently confirming it is not the sole off-taker of products from the Dangote Refinery.

A Clouded Future

The question now is not just when the Port Harcourt Refinery will begin operations but whether it will live up to expectations when it finally does. Initial plans projected the refinery would refine 60,000 barrels of crude per day upon completion—a modest figure compared to its full capacity of 210,000 barrels.

For now, the refinery stands as a monument to what could have been, its fate shrouded in uncertainty. As the year nears its end, Nigerians are left to wonder: How much longer must they wait? How many more promises will be broken before the country sees the benefits of its own resources?

In this endless cycle of delays and dashed hopes, the Port Harcourt Refinery has become more than a project—it is a test of faith, resilience, and the government’s ability to deliver on its word. For a nation hungry for progress, the wait has been far too long.

Former Chief of Staff to President Muhammadu Buhari and ex-Nigerian Permanent Representative to the United Nations, Prof. Ibrahim Agboola Gambari, has delivered a scathing critique of decades-long economic prescriptions from the International Monetary Fund (IMF) and the World Bank.

Speaking at the Realnews 12th Anniversary Lecture in Lagos, Gambari asserted that the policies championed by these global financial institutions have failed to improve Nigeria’s economic fortunes, urging African nations to embrace homegrown solutions.

Prof. Gambari did not mince words in questioning the efficacy of IMF and World Bank recommendations. Reflecting on Nigeria’s prolonged economic struggles despite adherence to external prescriptions, he said: “Frankly speaking, all the prescriptions of the IMF and the World Bank over the years, where has it gotten us? Now that I’m no longer part of government, I can speak more freely. If the IMF and World Bank’s prescriptions had been correct, we should be living happily today—but we are not.”

Gambari, who served as Nigeria’s Minister of Foreign Affairs between 1983 and 1985 during a military regime, recalled rejecting IMF and World Bank policies at that time. He emphasized the need for Africa to define its own problems and implement solutions tailored to its realities.

“Even then, 40 years ago, we felt it was time for Africans to define their problems and develop their own institutions,” he said.

Africa at a Crossroads in a Changing Global Order

Delivering his lecture, titled “Africa in a Shifting Global Landscape: Demography, Technology, Artificial Intelligence, and Natural Resources,” Gambari painted a stark picture of Africa’s precarious position in an evolving world. He observed that global geopolitical rivalries are intensifying, placing the continent at the center of a new scramble for influence, resources, and strategic alliances.

“The entire seaboard of Africa is already dotted with military bases operated by various powers. The continent is once again at the center of a new scramble, as geopolitical rivalry intensifies. In addition to geo-strategic considerations, there is also a strong interest in securing access to critical minerals, arable land, and forests,” he said.

According to Gambari, Africa’s youthful and rapidly growing population—now exceeding one billion—offers immense potential, especially as other regions grapple with aging populations and declining demographics. However, this demographic advantage must be harnessed strategically to avoid being exploited.

He said: “In this new global order, Africa must ensure it is not just a passive player but an active rule-maker.”

Embracing Technology and Strengthening African Institutions

Gambari stressed the transformative role of artificial intelligence (AI), digital technologies, and innovation in shaping the future. He noted that African nations must develop robust national and regional strategies to harness these changes.

Additionally, he emphasized the importance of strengthening African institutions such as the African Union (AU), the Economic Community of West African States (ECOWAS), and the African Development Bank (AfDB) to address continental challenges.

According to him, “The changes unfolding globally promise profound transformations in the workings of the international system. Nations—big and small, North and South—are preparing themselves to ensure they are not left behind or reduced to victims of the new world order.”

Mounting Criticism of IMF and World Bank Policies

Gambari’s remarks add to the growing chorus of voices opposing IMF and World Bank-led economic reforms in Nigeria. Human rights lawyer Femi Falana and the Nigeria Labour Congress (NLC) have similarly urged the federal government to abandon policies dictated by these institutions. Falana has gone a step further, advocating for Nigeria to align with the BRICS bloc—a group of emerging economies seeking to challenge the dominance of Western financial systems.

Despite decades of IMF-guided structural adjustment programs and fiscal reforms, Nigeria’s economy remains burdened by inflation, unemployment, and slow growth. It has been noted that these policies often prioritize austerity and debt servicing over development and poverty alleviation.

President Bola Tinubu’s administration has embarked on sweeping economic reforms, including subsidy removal, tax increases, and currency unification—measures often aligned with IMF recommendations. However, these reforms have plunged Nigeria into deeper economic hardship, compounding inflation and eroding purchasing power.

The IMF’s latest outlook for sub-Saharan Africa highlights Nigeria’s struggles, noting that the country remains among those failing to achieve desired outcomes despite reforms. While the report praised fiscal improvements in Cote d’Ivoire, Ghana, and Zambia, Nigeria’s performance was conspicuously absent.

“Inflation is still in double digits in almost one-third of countries, including Angola, Ethiopia, and Nigeria,” said Catherine Patillo, IMF Deputy Director.

The report also observed that Nigeria’s monetary policy lacks the anchoring needed to stabilize inflation, further compounding economic challenges.

A Call for Homegrown Solutions

Prof. Gambari’s call for self-reliance and innovation is particularly timely as Nigeria grapples with worsening economic realities. He urged policymakers to invest in the country’s human and natural resources rather than relying on external prescriptions that have consistently failed to deliver.

“It’s time we define our problems and design ways to solve them,” Gambari said, reiterating the need for a shift in approach.

Gambari’s message resonates with the aspirations of many African leaders and thinkers who envision a continent capable of charting its own destiny. Strengthening regional institutions, leveraging technology, and empowering Africa’s youth have been central to the vision for a more prosperous and self-reliant Africa.

However, experts note that the challenge to Africa’s prosperity remains whether its leaders can muster the political will and strategic foresight to reject outdated paradigms and embrace solutions that truly serve their people.