The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation, NNPC, Ibe Kachikwu, in a preliminary report submitted to President Muhammadu Buhari revealed that $1 billion in foreign exchange will be saved from fuel import substitution when local refineries begin full production.
President Buhari’s media aide, Garba Shehu, on Sunday, September 5 confirmed the submission of the report to the president.
In the report, the state-run oil firm stated that the country’s refineries were likely to achieve full production by the end of 2015.
According to the NNPC boss, when the refineries come to full production, an annual savings of about $1billion in foreign exchange from fuel import substitution will be achieved.
Kachikwu added that an additional total savings of over $500 million yearly would be made from the petrochemical products of the Kaduna Refinery and Petrochemical Company.