NNPC boss predicts Nigeria to end fuel importation by 2023, is this feasible?

08/07/2019

Posted by: Chris Odogwu

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Group Managing Director of the NNPC is optimistic that oil import will soon be a thing of the past. Click below to find out why the NNPC boss thinks so and see whether it is feasible or not!

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kolo Kyari, has revealed his optimism that the importation of fuel into the country will end by 2023. He stated this while speaking at the 2019 Society of Petroleum Engineers (SPE) Nigeria Council conference tagged Artificial Intelligence, Big Data and Mobile Technology, Changing the Future of the Energy Industry where he was a guest of honor.

Why Nigeria is importing a large number of petrol products

The NNPC boss said that the country is still importing petroleum product as a result of our refineries not being functional yet and limited investment from the private sector in the area. According to him, more investment is needed to resuscitate the domestic refinery and related infrastructures to boost the nation’s downstream sector and provide energy security to the masses.

"We are progressing with the establishment of Condensate refineries to fast-track domestic supply of petroleum products. In the same vein, the Corporation would support the actualisation of the 650,000 barrels per day Dangote Refinery, as well as other private initiatives along this line.”

>>> Good times for Nigerian exports! Lagos Tin-Can Island Port records ₦68bn worth of exported cargo in the first half of 2019

NNPC-filling-station

NNPC filling station serving motorists

Necessary factors in revolutionizing Nigerian oil and gas sector

In tune with the topic of the event, Kyari recognized the role of technology in championing developmental strides in the oil and gas sector worldwide. He also reiterated his commitment to tackle challenges facing the oil and gas sector in Nigeria toward the achievement of desired goals by the government and stakeholders.

Speaking further, Kyari acknowledged that artificial intelligence has presented new frontiers by bringing about faster measures in petroleum operations. This is made possible by the availability of big data to enhance artificial intelligence technologies. He highlighted the role of mobile technology in making information accessible in real time and allowing remote operations.

Issues affecting the nation’s oil sector are not solely technological, said Kyari. He mentioned fiscal regime as one of the challenges, saying that it needed to be resolved to speed up value chain investments.

>>> Always visit News at Naijauto.com for more updates!

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Chris Odogwu

Chris Odogwu

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Chris Odogwu is a Content Writer and Journalist. He holds a bachelor's degree in Mass Communication from University of Jos and a master's degree in Mass Communication from University of Lagos. His works have been published in top local and international publications including Forbes, HuffPost, ThriveGlobal, TheNextScoop and Nigeria360 among others. A member of the Nigerian Institute of Public Relations (NIPR), the thrill he gets from writing about exotic cars feels almost the same as riding in them.

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