The country will no longer import fuel, according to the Federal Government, by 2024. Timipre Sylva, a minister of state for petroleum resources, announced it on January 9th.
In his presentation of the ministry’s scorecard, Sylva stated that by the first quarter of 2024, the Port-Harcourt refinery’s rehabilitation would be partially complete, the 650,000 barrel per day (bpd) Dangote Refinery would also be operational, in addition to several projects for modular refineries across the nation.
He gave Nigerians the assurance that the combined output of the Port-Harcourt refinery, Dangote refinery, and modular refineries would put an end to the importation of fuel.
Sylva further disclosed that the federal government took a 20% equity investment in the Dangote Refinery on purpose in order to guarantee a local supply of the products made by the private refineries.
Additionally, he stated that the federal government acquired a 30% equity participation in many refineries, including the 10,000 bpd Duport Modular Refinery in Edo State and the 5000 bpd WalterSmith Modular Refinery in Ibigwe, Imo State.
The Minister emphasized that the federal government is addressing the issue of the modular refineries’ access to crude oil and noted that the federal government’s stance that subsidy regulation was no longer viable.
Sylva, who claimed that the removal of subsidies would attract more investment into the petroleum sector, also gave Nigerians the assurance that the enormous sum currently spent on subsidies would be allocated to other developmental projects.
