Nigeria to Stop Importation of Petroleum Products by 2018

Minister of Industry, Trade and Investment Dr. Olusegun Aganga has said Nigeria would stop importing petroleum products by 2018, if things worked as planned.

He spoke as a guest lecturer on the topic: “Emergence of Nigeria as Africa’s leading economy: Challenges for the future” at the sixth convocation lecture of Bells University of Technology (BELLSTECH) Ota, Ogun State.

The minister said: “If things go as planned, by 2017/2018, Nigeria will stop importing petroleum products because we have over 44 other solid minerals in commercial quantity and rich human resources to sustain us. Nigeria is on the road to unparallel change; the likes that we have not seen in this country before. Over the last five years, we have done well; we have never had it this good.”

Saying that the 2014 rebasing of Nigeria economy had helped tremendously as the country is now the 26th largest economy in the world and the largest in Africa, Aganga said the nation’s economy now accounts for more than 75 per cent of all of ECOWAS.

He said: “I can say to you confidently that we are indeed a blessed nation. Just consider that we achieved all this despite the constraints we face like electricity and electricity makes about 40 per cent of production. With this, we know where we will be when we have enough power supply”.

Aganga said crude oil never made Nigeria rich, but instead made it poor because of the way the country treated the mineral resource.

This was first published on TheNationOnline Newspaper.


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