Nigerian Vice President focuses on nation’s heavy dependence on oil imports

(MENAFN) Nigerian Vice President Kashim Shettima revealed that Nigeria annually spends a staggering USD25 billion on importing oil, a significant financial burden for the African nation. The inadequacy of domestic refineries essential for processing petroleum products stands out as a key factor driving Nigeria's reliance on oil imports, despite its abundant oil resources. Shettima emphasized this point during an event titled "Pioneering Economic Speech" held in Lagos, Nigeria's commercial hub, where he underscored the critical need to address the country's dependence on imported oil products.

Speaking at the event, Shettima reiterated Nigeria's annual expenditure of USD25 billion on oil imports, highlighting the urgent need for government intervention to enhance the capacity and efficiency of domestic oil refineries. The Vice President emphasized ongoing efforts by the government to maintain and develop these refineries, signaling a commitment to reducing Nigeria's reliance on imported oil products. These efforts align with the broader goal of achieving self-sufficiency in oil production and refining within the country.

Shettima expressed confidence that with sustained government support and investment in refinery development and maintenance, Nigeria will soon achieve self-sufficiency in oil production. This assertion reflects the government's determination to overcome the longstanding challenge of importing a substantial portion of its fuel requirements despite Nigeria's status as Africa's largest oil producer. The Vice President's remarks underscore the imperative for Nigeria to enhance its domestic refining capacity to fully harness its rich oil resources and reduce dependence on imports.



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