In Nigeria, the Minister of State for Petroleum Emmanuel Kachikwu has announced that the country plan to eliminate the need for imported petroleum products within 18 months.

“Between the next 12 to 18 months we should be able to get out of importations of refined products,” Kachikwu said.

He added that between $250 and $500 million will be invested in the country's four refineries in the next 18 months so as to keep them operating in the most desirable way.

Nigeria's four refineries have on no occasion achieved complete production due to damages and poor maintenance, thereby making the country depend on costly imported fuel for most of its energy requirements.

According to Reuters, the President, Muhammadu Buhari has made restructuring the country's oil sector a main concern as the decline in the global oil prices has incited the worst economic crisis in years as crude exports account for approximately 95% of Nigeria’s foreign revenues.

Anita Fatunji