Nigeria’s state-oil firm NNPC plans to revamp its refineries to help Africa’s biggest crude oil producer to save billions of dollars on fuel imports. Despite controlling the world’s 10th-largest oil reserves, Nigeria has only four aging, inefficient state-owned refineries, leaving it almost wholly reliant on imports for its fuel needs. Earlier this year, Oil minister Emmanuele Ibe Kachikwu said the government would raise $1.2 billion to upgrade its refineries in a bid to end reliance on imports. Nigerian billionaire Aliko Dangote’s oil refinery, which is set to roar into operation next year, could supply almost half of refined petroleum needed by the African market. Currently, Nigeria exports its crude oil to be refined by global refiners and imports refined petroleum for its own needs.

Source: The North Africa Journal March 25, 2019 14:37 UTC