Fuel imports will reduce by 2018- Kachikwu

Fuel imports will reduce by 2018- Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the reforms embarked upon by the government are targeted at cutting petroleum products’ importation by at least 60 per cent by 2018 and thereafter position the country for net export by 2019.

The minister, who said this in Lagos on Monday at the 10th Oil Trading and Logistics Africa Downstream Expo, stressed the need to fully liberalise and deregulate the midstream and downstream sub-sectors such that the open market prices of petroleum products would be cost-reflective and market-driven.

Represented by his Senior Technical Adviser on Upstream and Gas, Mr. Gbite Adeniji, the minister highlighted the need to build refineries and run them as profit centres that would purchase crude at international prices and deliver products at export parity prices, saying, “This is the only viable basis for financing new infrastructure.“Perhaps, the most important part of reforms in the midstream and downstream sub-sectors is creating a profitable products-to-market system for Nigeria and removing hindrances and bottlenecks through incentives and regulatory frameworks.” Read more 

About The Author

Osigweh Lilian Oluchi is a graduate of the University of Lagos where she obtained a B.A (Hons) in English, Masters in Public and International affairs (MPIA). Currently works with 1stnews as a Database Manager / Writer. [email protected]

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