According to a projection made by the Federal Government on Monday, Nigeri will stop importing petroleum products in the first quarter of 2024.
Timipre Sylva, the Minister of State for Petroleum Resources, stated that by the first quarter of 2024, the Port Harcourt refinery’s rehabilitation would be partially complete and the 650,000 barrel per day Dangote Refinery would also be operational.
This was said by Sylva at the Ministry of Information and Culture’s resumption of the “PMB Administration Scorecard Series (2015-2023)”.
The 60,000 bpd capacity refinery within the Port Harcourt Refinery complex will be ready for production by Q1 2023, Sylva specifically stated when presenting the ministry’s scorecard.
The Minister also mentioned many projects for modular refineries in the nation, as well as the Dangote Refinery, the largest single-train refinery in the world with an investment of over 25 billion dollars.
Therefore, he gave Nigerians the assurance that the nation will stop importing petroleum products once the Port Harcourt refinery, Dangote refinery, and modular refineries were all operating at full capacity.
The minister said that the Federal Government purposefully acquired a 20% equity position in the Dangote Refinery in order to guarantee local supply of the products made by the private refineries.
- Subsidy: NLC shuns FG meeting, electricity workers back strike
- FIVE ESSENTIAL STEPS TO FINANCIAL FREEDOM
- Five things you need to know about fuel subsidy removal
- Akeredolu Very Much Alive,’ Ondo Govt Debunks Death Rumours
- Man City Beat Man Utd 2-1 To Win FA Cup
In addition, the minister stated that the FG acquired a 30% equity stake in several refineries, including the 10,000 bpd Duport Modular Refinery in Edo State and the 5000 bpd Walter Smith Modular Refinery in Ibigwe, Imo State.
He said the government was currently addressing the difficulty of access to crude oil being faced by the modular refineries.
The minister also said the massive cash being spent on subsidy should be committed to other developmental projects that would effect positively on many Nigerians.
He continued by saying that the elimination of subsidies would spur more private investment in the petroleum industry as more people would be prepared to contribute to the cost of constructing refineries.
