Nigeria’s Vice President, Kashim Shettima, has revealed the staggering $25 billion annual expenditure on petrol importation.
The Vice President called for transformative reforms in the nation’s energy sector.
Addressing attendees at the Vanguard Economic Discourse in Lagos, Shettima emphasized the imperative of revitalizing Nigeria’s dormant refineries and reducing reliance on foreign imports.
He said despite possessing three state-owned refineries, Nigeria has long struggled with operational inefficiencies and neglect, resulting in continued dependence on imported petroleum products.
During his address, Shettima said the commitment of President Bola Tinubu’s administration to implement policies aimed at mitigating these challenges and enhancing the welfare of citizens.
Represented by Special Adviser on Economic Affairs, Tope Fasua, the Vice President assured Nigerians of tangible outcomes stemming from the government’s strategic initiatives.
Central to the administration’s agenda is the cessation of petrol importation, facilitated by comprehensive reforms and the rejuvenation of state-owned refineries.
Shettima reiterated recent assertions by industry leaders, including Aliko Dangote, forecasting Nigeria’s imminent self-sufficiency in petrol production.
Highlighting the government’s proactive stance, Shettima affirmed its readiness to revise policies if they exacerbate hardships for citizens, emphasizing a commitment to fostering economic sustainability and enhancing quality of life.
He projected a future characterized by enhanced standards of living, increased productivity, and food security, underpinned by prudent governance and divine guidance.
Shettima lauded President Tinubu’s success in attracting substantial foreign investments, signaling a promising outlook for Nigeria’s economic development.
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