The minister of state for petroleum resources, Dr Ibe Kachikwu, has disclosed the federal government’s plans to end the importation of petrol within the next 18 months.
Disclosing this in Abuja at a press briefing yesterday while unveiling a strategic policy direction for the oil and gas sector, Kachikwu explained that government was targeting 12 to 18 months period to end petrol imports, working in collaboration with Joint Venture (JV) partners.
He said when this is achieved, the country will begin to look at exporting refined products and expanding retail business.
Kachikwu said: “We must target a time frame of between 12 and 18 months to try and get out of importation: it is not good for the country; it is not a good image; it does not create jobs; it causes losses of tax income to the government and creates a huge amount of emotional backlash when people have to queue for days looking for fuel. Read more