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Nairametrics| Minister of state for petroleum, Ibe Kachikwu has promised to step down from his post if Nigeria does not achieve self sufficiency in petrol production by 2019. He made the promise in an interview on the BBC. Here are key points from the interview:

  • Dr. Kachikwu said he has delivered on all his promises since he assumed office.
  • He also stated that he had returned the Nigerian National Petroleum Corporation (NNPC) to profitability.
  • Under his watch, the $6 billion cash call debt to oil companies had been sorted.
  • He had also moved the refineries from a point of zero production to 7 and a half million barrels in one year.

Dr. Kachikwu may have borrowed a leaf from the minister of aviation Senator Hadi Sirika who promised to resign if the runway of the Abuja airport was not rehabilitated in 12 weeks. Senator Sirika fulfilled his promise as the airport opened a day before the deadline expired. He also coordinated the shuttling of passengers from the​ Kaduna airport to the Abuja airport.

Dr. Kachikwu may not be so lucky as his promise is based on several variables many beyond his control. The labour unions affected by the repair operate and maintain (ROM) agreement signed with Oando and Agip with respect to the Port Harcourt refinery have mounted serious opposition to the deal. Similar agreements for other refineries may follow the same pattern.

While the refineries may currently be functioning, they are old and prone to break down. 2019 is just by the corner.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com


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