Nigeria will stop importation and exportation of petroleum products by 2019. Special Adviser to the President on Media and Publicity, Femi Adesina made this disclosure while speaking on a television programme.
The presidential spokesman said that importation and exportation of fuel has a high effect on the lingering fuel crisis because the country does not produce the product locally and the refineries do not work, which makes room for little hitches in the inflow.
“When you import fuel and do not produce fuel locally or the refineries do not work once in a while fuel scarcity should be expected, as long as you have those variables not under your total control you can’t rule that out.
Adesina explained that the Minister of State For Petroleum Resources, Dr Ibe Kachukwu, has drawn a timetable leading to 2019, noting that part of the plan is that Nigeria will stop importing but exporting.
Concerning the unemployment rate in the country which the National Bureau of Statics recently released a data saying that unemployment has increased in the 3rd quarter of 2017, Mr Adesina said that there is an increase agricultural sector especially rice farming, mining and solid minerals.
He further explained that shortly after the Buhari-led administration came into power the country entered into recession and oil prices went down but within a year the country came out of recession, he added that as the economy starts to settle gradually jobs that were lost will be regained.
How this might work
If the Federal Government focus on the total overhaul its four existing refineries with a combined installed capacity of 445,000 bpd there would be an impressive improvement in local production of petroleum products in the country.
The Dangote Angle
With the expectation of the completion of the Dangote Refinery in 2019, it will be playing a big part of Nigeria’s petroleum plans as it is expected to produce a significant role in satisfying domestic demand for petroleum products. The Dangote refinery is expected to produce 650,000 barrels per day for supplies.
