The Nigerian Minister of State for Petroleum Resources, Ibe Kachikwu, stated that Nigeria plans to reduce its level of fuel imports by 60% by the year 2018, Nigeria Today reported.
Kachikwu added that one of the key priority areas in the road map for the oil industry is increased local refineries’ production capacity through the implementation of modular refineries and co-location, according to Ecofin Agency. He added: ‘‘the most important part of reforms in the midstream and downstream sub-sectors is in creating a profitable products-to-market system for Nigeria and removing hindrances and bottlenecks through incentives and regulatory frameworks.’’
Kachikwu comments came on the sidelines of Oil Trading Logistics (OTL) conference held in Lagos. He concluded that the current state of Nigeria’s supply and distribution systems is marked by poor storage facilities, inadequate supply, pipeline vandalism, poor products management and accountability.
Furthermore, the President of Nigerian Association of Energy Economics (NAEE), Wumi Iledare, declared that Nigeria needs to produce at most 4mb/d of crude oil in order to boost national economy and not depend on imports to cover domestic energy needs.