Nigeria will stop importation of petroleum products by 2019 – Kachikwu

Minister of State for Petroleum Resources, Ibe Kachikwu has said Nigeria will stop the importation of 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 the Federal Government has revived refineries which now produce

eight million out of over 20 million litres of petrol consumed in the country daily.

“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.

He said Nigeria must develop to an extent where it has the capacity to export crude oil.

“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.”

Kachikwu said the government is looking to encourage individuals who can build refineries.

“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.

“We are looking at modular refineries, about 60 licences were given out just before this government came in and none of that was utilised because it requires a lot of money, land and crude security.

“But now we are going out to identify refineries, get individuals who can build refineries on the same platforms where our refineries are and identify some key specific modular refineries backed up by foreign investments working with state governments.

“Hopefully this will address the restiveness you see in the Niger Delta,’’ the minister said.

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