The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Thursday said the country would end fuel importation by 2019.

He said there was an ongoing investment drive towards meeting the infrastructure requirements for local refining of crude oil and that by 2019, Nigeria was expected to become a net exporter of refined products.

Kachikwu spoke in Abuja as the guest speaker at the 10th Annual Business Law Conference of the Nigerian Bar Association’s Section on Business Law.


The event had as its theme: ‘Law reform and economic development’, but the minister spoke on the sub-theme, ‘Future prospects for the oil and gas industry’.

He said for the refineries to function optimally, about $50bn was required to fill the infrastructural gap, adding that the existing refineries were currently working at about 40-50 per cent of their combined installed capacity.

Kachikwu added that the ongoing investments effort were aimed at raising the output of the plants to 90 per cent capacity or more, and build the needed infrastructure.

He said Nigeria was expected to reduce fuel importation by 2018 and stop it completely the following year.

Kachikwu said, “I have faith that if we put the money where we should and quickly, my eyes are set on 2018 or 2019, and even if I’m not here, somebody’s eyes will have to be set on that. The whole idea is that from 2018, we must have achieved a 60 per cent reduction in importation of petroleum products; and in 2019, we must be able to exit importation completely.

“To do that, we have a lot of work to do and a lot of funding to put in place, and we’re working hard to achieve this. I have hope. I’m a very strong optimist.”

He also gave a clue on why the refineries were still working at low capacities, saying, “How do the refineries work if the pipelines supplying them are out most of the year and so they can’t supply crude? You can’t refine a. n empty space.”

http://www.punchng.com/fuel-importation-will-end-2019-kachikwu/

Yes of course when PDP must have taken power . We are glad you didn't say tomorrow as usual

That might happen in the next 50 years, Nigeria and their incompetence.

nigerians lieing to themselves....honestly there will be more importation sef.

Actually, that's a lie.
The hope is for dangote to come onstream and boost the production of LOCALLY REFINED PETROL. What everyone always neatly sidesteps is this:
Because that refinery is in the free trade export processing zone, NIGERIA WILL HAVE TO IMPORT DANGOTE'S PETROL and PAY HIM IN DOLLARS.
Don't believe it?
All you need to do is ask questions.

Okay i see

All things being equal

Hmmme

[quote author=FreeWorld23 post=46870567][/quote]

If the Buhari administration can indeed end importation of fuel products by 2019, that will definitely be regarded as a brilliant performance in the petroleum sector.

.

I am not only happy that the importation of fuel will stop, but my joy lies in the fact that there will be creation ofrefinery and of such there will be more job for the masses.

Look at the implication below.
Self producing fuel nation
Creation of refinery
Creation of more job
Gains from the by product gotten from petroleum
Increase in the amount of megawatt generated if at all Nigeria is not ready to use coal and solar for electricity.

This news is palatable