Why Nigeria may not meet refining petroleum products soon
Petroleum products , edited
23 hours agoDetails
Despite the promise by the Petroleum Resources Minister, Ibe Kachikwu, that Nigeria would be self suffucent in refining its domestic petroleum in 2018 and would also start exporting the products in 2019, the country may not achieve the stated goal, due to the fact that there are not much on ground to support the projection.
The Minister had recenntly told some investors that the policy thrust of the present adminstration is to ensure that Nigeria stopped importing petroleum products in the next two years today.
But the government programme, aimed at actualising the dream has not been followed included the non-take off of the modular refineries, expected to deliver, at least, 200,000 barrels of fuel to the system.
The four refineries in Nigeria are being faced with the controversy of being handed over to private sector to manage, which workers have already vowed to resist.
Besides, the National Bureau of Statistics (NBS)), in a publication on its website, stated that Nigeria imported more more than 80 per cent of the products in the first quarter of 2017.
The statistics office stated that the petroleum products importation was dominated by 4.05 billion litres of premium motor spirits PMS), costing N566.96 billion in the first quarter of the year under review .
This, the NBS stated, is possible because the local consumption rate of the petroleum product in Nigeria has constantly been in the increase and tilted in favour of imported ojed, as tye imputs from the four refineries are in adequate.
The NBS also also disclosed that about 1.31 bilion litres of automotive gas oil (AGO) , costing N187.56 billion was imported, while a total of 41.06 million litres of household kerosene (HHK), valued at N5.92bn came into the country from outside its shores in the same period.
It stated further: “The month of March 2017 recorded the highest volumes of premium motor spirits (PMS) and automotive gas oil (AGO) imported into the country at 1.63bn and 504.59 mln litres valued at N218.88mln and N70.28mln, respectively.
“Also, the highest monthly volume of household kerosene (HHK) was imported in the January 2017 with 27.82 million litres, valued at N4.07 billin was imported.”
But ministerial officials insist tha the planed involvement of private sector in the management of the local refineries and the upcoming modular refineries project, would still help to improvement on the sector and achieve the stated goal.