The federal Government of Nigeria has announced that fuel importation will end in year 2024.

This information was released to the general public through “Timipre Sylva“, the Minister of State for Petroleum on Monday, January 9 2023.

Nigeria has been working towards this progress by the approval of the construction of Dangote Refinery, with the capacity, 650,000 barrel per day (bpd). This refinery is closer to its completion. In fact, there are several other probable refinery which would be operating starting from year 2024.

The citizens of Nigeria were not pleased with the total removal of fuel subsidy, which led to the escalation of the Fuel price, late last year. Sylva however, said that the removal of subsidy would attract more investment into the petroleum sector. This is because many private companies would be willing to invest in building refineries, also assured Nigerians that the huge fund being spent on subsidy would be deployed to other developmental projects.

His previous claim gathered more back ups when he revealed that the federal government deliberately took 20 per cent equity stake in the Dangote Refinery to ensure local supply of the productions by the private refineries.

The Minister of Petroleum Resources also stated that FG staked 30 percent of 5000bpd WalterSmith modular refinery in Ibigwe, Imo state.

That being said. the joy embedded in these moves is the fact that, the cost of importation of refined fuel would be transferred into another sections and Nigeria can also start exporting refined fuel.

Truth be told, there is going to be a large circulation of fuel starting by late 2023, but at a higher price. What do you think? Kindly leave a message below.