- To explore possibility of selling crude to African Countries
The Federal Government is set to stop the importation of fuel by 2019 with the approval of a new National Oil Policy by the Federal Exective Council.
The Minister of State for Petroleum, Mr Ibe Kachikwu told journalists that the policy is geared towards re-organising the NNPC for greater efficiency and accountability.
This is a follow up to the National Gas Policy which was considered three weeks ago to ensure Nigeria moves from an oil to a gas-producing nation.
Kachikwu has announced that Nigeria would explore the possibility of selling crude oil to African markets. He spoke in Abuja yesterday at the 2017 edition of the Sustainability in the Extractive Industries (SITEI) conference.
Kachikwu said the country’s oil firms must develop the capacity to compete in the continent, while government provides the necessary incentives. He said: “Nigeria has to begin by looking at the country first. What do we do to encourage local companies to be able to compete in Africa? It is along these lines for example, that we have started product or sector specialisation which are the areas where we have the most competitive advantages.”
The minister disclosed that the country would host the 19th conference of the African oil producers next week, to deliberate on these key areas. He expressed concern that the country has not been able to capture the African terrain of the market, adding that the market must be captured in terms of contract awards, whether in crude, investment or other formulations.