Tuesday, January 13, 2015

Fuel Importation Will End In 2018 – Aganga

The Minister of Industry, Trade and
Investment, Mr. Olusegun Aganga,
has said that the Federal
Government plans to ensure that
the country stops the importation of
petroleum products by 2018.
He said this during an interview on
Friday during a visit to Mikano
International Limited in Ogba, Lagos.
Aganga, who also inspected the
manufacturing plants of the
company, said going by the
government's Industrial Revolution
Plan, which became effective in
2012, there were plans to make the
country to stop the importation of
refined petroleum products by 2018.
The minister said, "There are many
sectors we should have developed
over the years, but for decades, we
relied entirely on exporting raw
materials. That era has gone. That
was why this administration
launched the Industrial Revolution
plan in 2012. We have started it
already, and you can see it in the
auto, the sugar, and the cotton and
textile industries.
"If this investment goes according to
plan; then by 2018, we will no longer
import petroleum products into this
country. We can no longer be a
country that is import-dependent,
especially in products we can
produce ourselves. Nigeria has a
comparative advantage in the agro-
industrial, mining-related and
petroleum sectors.
"Stopping the importation of oil will
save us a minimum of $10bn. We
have spent about $3bn importing
steel. We spent about $6bn
importing cars and spare parts. We
spent about $1.7bn importing sugar,
but we can in fact grow sugar cane
in this country.
"As part of the industrial revolution
plan, we have also identified 13
products that will replace oil. These
are areas where Nigeria has
comparative advantage and export
capacity. Mexico did it in seven
years. We can also start and
diversify our economy and revenue
Aganga, who commended the
management of Mikano for its role in
the industrial revolution plan, noted
that the government would also
create an enabling environment for
it and others to operate.
Receiving the minister on behalf of
the company were the Chairman,
Mikano International Limited, Mr.
Mofeed Karameh; Managing
Director, Mr. Christian Faren;
Financial Director, Mr. Muneer Nassr;
and other officials.
The minister was conducted round
the plant steel fabrication, power
solutions and other divisions by the
Meanwhile, the Federal Government
has identified out 13 national
strategic export products that can
replace crude oil whose prices have
continued to decline in the
international market.
Aganga, who stated this, noted that
the need to identify the products
became imperative since the drop in
the prices of crude oil was currently
threatening the stability of the
Nigerian economy.
A statement from the Nigeria Export
Promotion Council on Sunday in
Abuja quoted the minister as saying
this during a meeting with the
Executive Director of the council, Mr.
Olusegun Awolowo, and members of
the management team of the NEPC
The minister, according to the
statement, said this was part of the
spirited moves by the government
to revive the national economy.
While unveiling plans by the Federal
Government to diversify the
economy, Aganga listed the 13
national strategic export products in
three categories thus: agro-industrial
(palm oil, cocoa, cashew, sugar and
rice); mining-related (cement, iron
ore/metals, auto parts/cars,
aluminium, and oil and gas); and
industrial products (petroleum
products, fertilizer/Urea,
petrochemical and methanol)
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