Nigeria would by 2017 stop importation of refined petroleum products as its crude oil would be processed locally, Minister of Industry, Trade and Investment Olusegun Aganga has said.
Aganga disclosed this while representing President Goodluck Jonathan at the African Business Roundtable in New York, United States, last week Tuesday.
He said that government is planning to use its integrated industrial complex that would be set up and driven by the private sector.
Nigeria would by 2017 stop importation of refined petroleum products as its crude oil would be processed locally, Minister of Industry, Trade and Investment Olusegun Aganga has said.
Aganga disclosed this while representing President Goodluck Jonathan at the African Business Roundtable in New York, United States, last week Tuesday.
He said that government is planning to use its integrated industrial complex that would be set up and driven by the private sector.
Nigeria is Africa's largest crude oil producing nation but is currently importing about 80 percent of refined oil needed within the country.
The minister used the opportunity to interact with international investors on the various investment opportunities that are available in the country.
He told the gathering that Nigeria has one of the best incentives in the world because foreign investors can repatriate their dividends after paying the necessary tax to the relevant authorities.
The minister assured that everything possible would be done to ensure macro stability and enhance infrastructure development and political stability in the country.
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