Fuel Imports Will Stop By 2024 – Sylva

Nigeria will no longer import finished petrol and other fuel from 2024, Chief Timipre Sylva, minister of state for petroleum resources, announced on Monday, January 9th.

Presenting the ministry’s scorecard, Sylva stated that by the first quarter of 2024, the Port-Harcourt refinery’s rehabilitation would be partially complete, the 650,000 barrel per day (bpd) Dangote Refinery would also be operational, in addition to several modular refineries across the nation.

He gave Nigerians the assurance that the combined output of the Port-Harcourt refinery, Dangote refinery, and modular refineries would put an end to the importation of fuel.

Sylva further disclosed that the federal government took a 20% equity investment in the Dangote Refinery on purpose in order to guarantee a local supply of the products made by the private refinery.

Additionally, he stated that the federal government acquired a 30% equity participation in many refineries, including the 10,000 bpd Duport Modular Refinery in Edo State and the 5000 bpd WalterSmith Modular Refinery in Ibigwe, Imo State.

Besides saying that Nigeria would stop fuel imports by 2024, the Minister emphasized that the federal government is addressing the issue of the modular refineries’ access to crude oil and noted that the federal government’s stance that subsidy was no longer viable.

As many private investors would be willing to invest in the construction of refineries, Sylva, who claimed that the removal of subsidies would attract more investment into the petroleum sector. He also gave Nigerians the assurance that the enormous sum currently spent on subsidies would be allocated to other developmental projects.

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