By Michael Eboh
Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, on Tuesday, stated that the deregulation of the downstream sector of the oil and gas industry in Nigeria will increase investment in the refining business and facilitate exponential growth in the nation’s refining capacity.
In a statement in Abuja, Kyari stated that though the idea of price stabilisation which led to the introduction of fuel subsidy in the 1970s was noble, it had grown into a huge financial burden on the nation’s treasury over the years, necessitating its removal in March 2020.
He stressed that the move would not only free up the much-needed cash to fund infrastructural development, but would also eliminate market distortion, foster competition between operators, get more private sector players to build refineries in the country and promote efficiency across the entire value chain.
He said increasing Africa’s refining capacity as well as…
Source: Vanguard Newspaper