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| Nigeria's $25 Billion Annual Petrol Import Expenditure |
Shettima made this revelation during the Vanguard Economic Discourse, themed "Reforms in the Era of Global Economic Uncertainties: Whither Nigeria," held at the Civic Centre in Victoria Island, Lagos.
Vice-President Kashim Shettima has disclosed that Nigeria spends $25 billion annually on importing petroleum products.
He expressed optimism that the era of fuel importation would soon be forgotten, as President Bola Tinubu's administration strives to improve the quality of life for Nigerians.
Shettima made this revelation during the Vanguard Economic Discourse, themed "Reforms in the Era of Global Economic Uncertainties: Whither Nigeria," held at the Civic Centre in Victoria Island, Lagos.
Represented by the Special Adviser on Economic Affairs, Tope Fasua, Shettima assured Nigerians that the new policies implemented by the government would yield positive results in the near future.
He emphasized that the country's reliance on imported petroleum products would diminish due to government support and the revitalization of state-owned refineries.
Interestingly, this statement aligns with Africa's wealthiest billionaire, Aliko Dangote's recent assertion that Nigeria would no longer need to import petrol by June.
Regarding Tinubu's efforts in addressing petroleum challenges, Shettima stated, "With the government's backing for private sector-led oil refineries and the rejuvenation of state-owned facilities, the $25 billion annual expenditure on petroleum imports will soon become a thing of the past, allowing the naira to breathe freely."
He also emphasized that the administration would not hesitate to review policies if they imposed undue hardship on Nigerians, emphasizing their commitment to sustainable economic growth and improved quality of life.
Shettima concluded, "Rest assured that the coming years will witness positive achievements, including enhanced living standards, increased productivity, food security, abundant harvests, and remarkable progress, guided by the grace of Almighty God."
Additionally, Shettima highlighted President Tinubu's success in securing substantial investments for Nigeria. Notably, these include $14 billion from India, $250 million from the Netherlands, $500 million for lithium development in Nasarawa state, and another $500 million from Germany for renewable energy projects.
He also mentioned the Siemens power sector initiatives, which are gaining momentum and are expected to significantly impact energy sufficiency in due course.
