Minister of State for Petroleum Resources, Dr. Ibe Kachikwu on Thursday, June 23 stated that Nigeria would stop the importation of Petroleum Motor Spirit, also know as fuel by 2019.
The Minister who also doubles as the Group Managing Director of the NNPC, said it requires $50billion dollars to fill the infrastructural gap in the industry and get it functioning optimally.
Kachikwu said by 2019, the nation expects to become a net exporter of refined products, adding that an investment drive is ongoing to meet the infrastructure requirement.
The Minister was a guest speaker at the 10th Annual Business Law Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL) in Abuja, with the theme: Law reform and economic development.
Speaking on the sub-theme: Future prospects for the oil and gas industry, he said the refineries are currently working at about 40-50 per cent capacity.
He said the aim is to get them working at 90 per cent capacity or more and build the needed infrastructure as investors come in.
