Nigeria may soon hand majority control of two of its most strategic oil assets to Chinese investors as the Nigerian National Petroleum Company Limited pushes a new plan to revive the country’s troubled refineries after years of failed rehabilitation efforts.
The proposal, which insiders say is being modelled on the successful Nigeria Liquefied Natural Gas structure, could see Chinese firms acquire up to 51 per cent of the equity in the Port Harcourt and Warri refineries under a long-term technical and commercial partnership with NNPC.
The development marks one of the most significant shifts yet in Nigeria’s downstream petroleum sector and could deepen China’s influence in Africa’s largest oil-producing economy at a time when the country is struggling to end decades of refinery inefficiency, fuel imports, and mounting public frustration.
The proposed arrangement emerged after NNPC signed a Memorandum of Understanding with Chinese firms Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co., Ltd. during a meeting in Jiaxing City, China, on April 30, 2026.
The agreement was signed by NNPC Group Chief Executive Officer, Bayo Ojulari, alongside the chairman of Sanjiang Chemical Company, Guan Jianzhong, and the chairman of Xinganchen Industrial Park Operation and Management Co., Ltd, Bill Bi.
