Nigerian Government To Stop Fuel Importation By 2019.


Mr Ibe Kachikwu, the Minister of State for Petroleum Resources, on Tuesday said that Nigeria will soon stop importing refined petroleum products by 2019.

Kachikwu made the disclosure at a public hearing on the review of petroleum pricing template for Premium Motor Spirit PMS organised by the House of Representatives.

He said that within two years, the Federal Government revived refineries that were non-functional to contribute about eight million out of over 20 million litres of petrol consumed in the country daily.

He explained that the Federal Government initiated a model which attracted foreign investors to partner with the Nigeria National Petroleum Corporation (NNPC) to repair the country’s refineries within the two years period.

“This has consistently served as a target for this government so that by December 2018, NNPC must be able to deliver on some of the terms given them, one of which is to reduce petroleum importation by 60 per cent.

“By 2019, we should be able to exist completely on the importation of petroleum products in this country.

“Cognisant of the fact that Dangote is building one refinery, we expect to have an excess situation,’’ he said.

The minister said that Nigeria must also have the capacity to stop exporting crude oil.

According to him, selling crude oil is not different from selling agricultural produce in an unprocessed manner.

“The world is leaving that, every member of OPEC is leaving that because of the prizing, volume and market challenges is now shifting from selling crude to selling refined petroleum products.

“That is what this country must do and there is a template we are working on.

He further said that the ministry intended to create an enabling environment that would promote local refining of crude oil.

“The issue is not giving licences to illegality, the issue is how do we ensure that we create an investment environment that pulls individuals from illegal creek activities to legal business activities.


%d bloggers like this: