Nigeria's state-run oil firm NNPC and China State Construction Engineering Corporation (CSCEC) have signed a $23bn (£16bn; 18bn euros) deal. The two will jointly seek financing and credits from Chinese authorities and banks to build three refineries and a fuel complex in Nigeria. The project would add 750,000 barrels per day of extra refining capacity. NNPC hopes the construction of new refineries will stem the flood of imported refined products into Nigeria. 'Deepen relationships' Nigeria is the world's 12th-largest oil producer and the eighth-largest oil exporter. But the country imports roughly 85% of its fuel needs because of the disrepair and mismanagement of its four state-owned refineries. "We are about to deepen the existing technical and commercial relationships between China and Nigeria through the signing of a memorandum of understanding," said Shehu Ladan, head of NNPC. The three refineries will be built in Bayelsa, Kogi and Lagos states, while a location has to be confirmed for the petrochemicals complex. The Nigerian government has said that foreign companies must invest in developing Nigeria's infrastructure and economy first, before they can benefit from its oil and gas exports.
Source: http://www.bbc.com/news/10116945
This was actually signed in 2010, What really happened?

ok

This look like d same agreement Jonathan signed with Chinese firm in d run-up to the 20 11 elections. But uptill now, there is nothing to show for it. As Buhari has taken up the resuscitation of these agreements, effort should be made to see completion and commissioning of these laudable projects.

These pple are complicating issues with their blatant and overwhelming cluelessness. What happens to the four already owned refineries? Are they so obsolete beyond repairs and upgrade to global standard? These are questions begging for answers. With less than a 50% of that fund earmarked for the building of the new refineries, if prudently used will revive and resuscitate the hitherto moribund refineries while the rest are channeled to other vital and pressing projects.

Adagba01:
This look like d same agreement Jonathan signed with Chinese firm in d run-up to the 20 11 elections. But uptill now, there is nothing to show for it. As Buhari has taken up the resuscitation of these agreements, effort should be made to see completion and commissioning of these laudable projects.

I wonder why the government has been silent on this

This issue nearly caused tribal war on Nairaland then, maybe PMB would remind them.

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4Kemzy:
These pple are complicating issues with their blatant and overwhelming cluelessness. What happens to the four already owned refineries? Are they so obsolete beyond repairs and upgrade to global standard? These are questions begging for answers. With less than a 50% of that fund earmarked for the building of the new refineries, if prudently used will revive and resuscitate the hitherto moribund refineries while the rest are channeled to other vital and pressing projects.

non ignorant minds that wish Nigeria well, know that the present 4 refineries are not capable of meeting 50% of Nigeria's needs even at 100% production capacity, the Major marketers cater for the majority of Nigerias needs by Importation, especially as PDP sabotuers would never see to the full function of the Refineries, with this Nigerians are exposed to all the whims of the evil Oil cabal, subsidy thieves and influential wailing Fuel Importers, PMB plans to change this by making Nigeria self sufficient, meet its own needs and become a major exporter of Petroluem products. at the moment Kachikwu has reached an agreementwith the Multinatioanl Oil coys on managing the refineries, CBN has released all required forex for Dangote's refinery to come on stream by the end of this year and PMB is off to China to re-ignite this deal. the winner at the end of the day is Nigeria, Pls Clap for PMB!

Govt should do somnn