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Nigeria Set To Stop Fuel Importation By 2018
The Federal Government has said there are
plans to ensure that Nigeria stops importing
petroleum products by the year 2018.
Speaking during an interview last week during a
visit to a company in Lagos, The Minister of
Industry, Trade and Investment, Mr. Olusegun
Aganga said going by the government Industrial
Revolution Plan, which started in the year 2012,
Nigeria will stop the importation of refined
petroleum products by 2018.
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The minister said, “There are many sectors we
should have developed over the years, but for
decades, we relied entirely on exporting raw
materials. That era has gone. That was why this
administration launched the Industrial
Revolution plan in 2012. We have started it
already, and you can see it in the auto, the
sugar, and the cotton and textile industries.
“If this investment goes according to plan; then
by 2018, we will no longer import petroleum
products into this country. We can no longer be
a country that is import-dependent, especially
in products we can produce ourselves. Nigeria
has a comparative advantage in the agro-
industrial, mining-related and petroleum
sectors.
“Stopping the importation of oil will save us a
minimum of $10bn. We have spent about $3bn
importing steel. We spent about $6bn importing
cars and spare parts. We spent about $1.7bn
importing sugar, but we can in fact grow sugar
cane in this country.
“As part of the industrial revolution plan, we
have also identified 13 products that will
replace oil. These are areas where Nigeria has
comparative advantage and export capacity.
Mexico did it in seven years. We can also start
and diversify our economy and revenue
sources.”
It will be recalled that the Minister recently
commended Innoson Vehicles Company (IVC)
for producing the first Nigeria-made
vehicles named IVM Fox and IVM UMU.
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