Nigeria has projected that its petroleum products’ importation regime will end by the first quarter of 2024.
Minister of state, petroleum resources, Timipre Sylva, who dropped the hint in Abuja yesterday, said the federal government estimates that by the first quarter of 2024, the rehabilitation of the Port-Harcourt refinery would be partly completed while the 650,000 barrel per day (bpd) capacity Dangote Refinery would also be on stream. Sylva spoke at the resumption of the ‘PMB Administration Scorecard Series (2015-2023)’ organised by the ministry of information and culture. The scorecard series, started in Oct. 18, 2022, is designed by the state to showcase the achievements of the President Muhammad Buhari administration.
The petroleum minister actually said that the 60,000 bpd capacity refinery within the Port-Harcourt Refinery complex would be ready for production by Quarter one of 2024.
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According to him, the Dangote Refinery, regarded as the largest single-train refinery in the world with investment of over $25billion would come on stream before the end of 2023, in addition to a number of modular refineries projects littered in the Niger Delta region of Nigeria
The minister told the audience at the Rdio House press center that he is certain that with the combined production of the Port-Harcourt refinery, Dangote refinery and the modular refineries, Nigeria would end importation of petroleum products into the country at the estimated time.
Sylva explained that it was in order to ensure local supply of the productions by the private refineries that the state took 20% equity stake in the Dangote Refinery.
In addition, the minister further informed, the state secured 30% equity stake in each of the WalterSmith modular refinery in Ibigwe, Imo state and Duport Modular Refinery in Edo state among others.
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He said that the government participation in the business of the modular refineries includes addressing the challenge of access to crude oil.
He pointed out that the removal of subsidy would attract more investment into the petroleum sector as many private people would be willing to invest in building refineries.
According to him, the huge funds expended on oil subsidy could be deployed to other developmental projects that would impact the society
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