Nigeria aims to end importation of petroleum products by 2024: official

Abuja, Nigeria | Xinhua | Nigeria aims to end the importation of petroleum products by 2024 when local refineries are expected to be fully functional, an official said Monday.

Minister of State for Petroleum Resources Timipre Sylva told reporters during a press briefing in Abuja, the Nigerian capital, that the refining capacities of the Port-Harcourt refinery which is currently under rehabilitation, and the Dangote Refinery under construction, as well as the modular refineries in the country, will see the end of the importation of petroleum products with their combined production.

To ensure the local supply of petroleum products, the government takes a 20 percent equity stake in the Dangote Refinery, the official said, adding that it also takes a 30 percent equity stake in each of the modular refineries in the country.