Some years back now, Nigeria became one of the leading crude oil producing countries, which depends on the importation of costly refined oil and gas for daily economic drive. Other neighboring countries that depend on Nigeria for exportation products experience hard times whenever Nigeria faces more difficulties in the importation of finished petroleum products.
One of the leading causes that drives Nigeria’s dependence on importing refined oil is four refineries owned by the nation that went off-service due to lack of proper management. With a strategy to boost the Nigerian economy through the zero waste agenda of President Muhammadu Buhari, the country has confirmed plans to involve some oil majors across the globe in restoring these refineries.
According to Emmanuel Ibe Kachikwu, the Minister of State for Petroleum Resources, “Agip oil has focused its commitment towards the development of Port Harcourt while Chevron wants to repair Warri refinery. Talks are still on to engage Total in taking over the renovation of Kaduna refinery”. He further noted that the government wants to pursue the joint corporation or privatization process which is projected to revive all the refineries within twelve months.
Kachikwu is under pressure over the shortage of petroleum in the country but expressed confidence in stopping the problem to a great degree after talks held with the oil majors. He said that the firms are ready to assist jointly to pump oil into Nigeria before the internal refineries will be up for operation. Some of the oil firms include, Chevron, Total and Eni of Italy.