Nigeria Spends $25bn On Petrol Importation Yearly – Shettima

Vice-President Kashim Shettima, on Friday, disclosed that Nigeria spends about $25 billion annually on importing petroleum products.

Shettima expressed optimism that this dependency on fuel importation would soon become a thing of the past, citing the concerted efforts of President Bola Tinubu’s administration to enhance the quality of life for Nigerians.

Speaking at the Vanguard Economic Discourse, ‘Reforms in the Era of Global Economic Uncertainties: Whither Nigeria’, held at the Civic Centre in Lagos, Shettima, assured citizens that the government’s new policies would bear fruit in the near future.

Assuring the public, Shettima, represented by Special Adviser on Economic Affairs, Tope Fasua, highlighted the government’s commitment to ending fuel imports, attributing this shift to government support and the refurbishment of state-owned refineries.

These remarks follow similar sentiments expressed by Aliko Dangote, chairman of the Dangote Group, who recently stated that Nigeria would cease petrol imports by June.

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Emphasizing Tinubu’s role in addressing Nigeria’s petroleum challenges, Shettima said, “With the support, our government is lending to our private sector-led oil refineries and rejuvenation of some of the state-owned facilities, the $25 billion we spend yearly importing petroleum and other refined products will soon be a thing of the past allowing the naira a much-deserved breath.”

Shettima underscored the government’s commitment to revising policies that could burden Nigerians, prioritizing sustainability and enhancing economic prosperity.

Highlighting President Tinubu’s success in attracting investments, Shettima noted, “Mr President has been able to secure more than $20 billion in potential investments into the country, including $14 billion from India, $250 million from the Netherlands, and commitments of $500 million for lithium development in Nasarawa state, as well as another $500 million from Germany and into renewables.

“The Siemens power sector projects pick up speed presently and will be able to show a salutary effect on our energy sufficiency in good time.”