Nigeria fuel imports will reduce by 60% by 2018

Nigeria fuel imports will reduce by 60% by 2018

 

Minister of State for Petroleum Resources, Ibe Kachikwu has said reforms by the government are aimed at cutting importation of petroleum products by at least 60 per cent by 2018 and position the country for net export by 2019.

Ibe Kachikwu stressed the need to fully liberalize and deregulate the midstream and downstream sub-sectors in order to open the market.

The minister highlighted the need to build refineries and run them as profit centres.

He said a priority area in the road map for the oil industry is an increase in local refining capacity through modular refineries and co-location.