Nigeria Spends $25bn on Fuel Importation Every Year — Shettima Reveals
ACCORDING to Vice-President Kashim Shettima, the annual cost of importing petroleum goods into the nation exceeds $25 billion.
Shettima gave a speech on Thursday at the Vanguard Economic Discourse with the topic “Whither Nigeria: Reforms in the Era of Global Economic Uncertainties.”
The vice president promised that things would alter in the future and was represented by Tope Fasua, special adviser on economic affairs.
The announcement was made five days after Africa's richest man, Aliko Dangote, declared that Nigeria would no longer require gasoline imports by June.
Shettima announced during the ceremony that the government's support and the renovation of state-owned refineries will result in the country ceasing to import the commodity.
Shettima stated that since it “has been seen over time,” the nation will not be reluctant to revert policies and examine them if they would place an excessive burden on Nigerians.
“So this administration is not out to make the life of Nigerians tougher, but to make the Nigerian economy sustainable, and the lives of our people more enjoyable,” Shettima said.
“Rest assured, ladies and gentlemen, that the next few years will be full of positive achievements. They include improvements in the standards of living, higher productivity, food security, bumper harvests and remarkable achievement with the guidance and grace of Almighty God.”
Speaking further, he stated that President Bola Tinubu had succeeded in securing potential investments worth over $20 billion for the nation, “including $500 million for lithium development in Nasarawa state, $250 million from the Netherlands, and $14 billion from India.”
Shettima reported that the nation has received an additional $500 million from Germany for renewable energy initiatives, and she added that the power sector projects of Siemens will eventually have a good effect on energy sufficiency.
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