It was further gathered that for 13 straight months, the facilities had been running without refining any volume of crude oil. For several years, Nigeria has been importing the bulk of its refined petroleum products as a result of the inability of its refineries to refine crude oil produced within the country. The Federal Ministry of Petroleum Resources said in a statement that the two countries signed a Memorandum of Understanding for petroleum products transportation and storage. Yusuf said, “It will unlock the huge private investment potential in the downstream oil sector, especially in petroleum product refining. No oil-producing country imports refined petroleum products on a scale that we do in Nigeria.

Source: Punch November 22, 2020 23:26 UTC