The Minister of State Petroleum Resources, Timipre Sylva has projected that Nigerian Government said it will put an end to the importation of fuel by 2024.
This projection is based on commencement of operations of Dangote Refinery and Port Harcourt Refinery
According to Sylva, Dangote Refinery would be the largest single-train refinery in the world with an investment of over $25 billion and be on stream before the end of 2023 in addition to several modular refineries projects in the country.
“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.
“To ensure local supply of the productions by the private refineries the federal government deliberately took 20 per cent equity stake in the Dangote Refinery.
“The federal government took 30 per cent equity stake in each of the 5000bpd WalterSmith modular refinery in Ibigwe, Imo state and 10,000 bpd Duport Modular Refinery in Edo state among others.”