(Ecofin Agency) - The Federal Government of Nigeria plans to reduce the importation of petroleum products by 60% by 2019, the Minister of State for Petroleum Resources, Emmanuel Kachikwu (photo), revealed on Tuesday.

He said the government aims to achieve this goal by creating an enabling environment that would promote local refining of crude.

“We are looking at modular refineries, about 60 licences were given out just before this government came in and none of that was utilized because it requires a lot of money, land and crude security. But now we are looking to get individuals who can build refineries on the same platforms where our refineries are and identify some key specific modular refineries backed up by foreign investments. Hopefully, this will address the restiveness you see in the Niger Delta,” Kachikwu said

The Minister noted that the government, in the past two years, resuscitated ailing refineries so as to process about 8 million out of the over 20 million litres of petrol consumed per day in the country.

He added that the Federal Government, during the period, introduced a model which encouraged international companies to partner with the Nigerian National Petroleum Corporation (NNPC) to refurbish the refineries.

Anita Fatunji