Petroleum refining, urea production to reduce import by 35 per cent in 2022 ― Emefiele

With planned massive production of urea and petroleum refining by the first quarter of 2022, Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the country’s total import bill will reduce by as much as 35 per cent per annum.

By that time, he noted, Nigeria would have more petroleum and petrochemical products than needed locally, with the excess available for export.

Emefiele who spoke in Abuja, on Tuesday, said Dangote Refinery and Petrochemical plant and two other companies have a joint capacity to produce about 6.5 million tons of urea.

According to him, Dangote Refinery has a capacity for two million tons of urea per annum, another company will produce about three million tons per annum and yet another one has the capacity for producing about 500, 000.

“We need only about 1.5 million to two million tons to satisfy our own domestic needs. That means we have the potential to export the excess and earn foreign currency from these items.”

On refined petroleum products, CBN Governor said “by the time the refinery goes into production by the first quarter of next year and the petrochemical plants we would have reduced our importation by about at least close to 35 per cent.

“Luckily Nigeria is endowed. Nigeria has crude oil. Nigeria has gas and that is why, leaning on the words of our president, we have chosen to encourage companies to look inwards by helping to provide funds for them to bring in equipment that they need.

“They will source their raw materials almost 100 per cent locally. That is one of the things we are doing to strengthen our economy.”

Emefiele disclosed that attainment of self-sufficiently in the production of urea needed for fertilizer production and refined petroleum would be evidence of the success recorded in Nigeria’s efforts to produce, consume locally made products to create jobs, conserve foreign exchange and export to earn foreign exchange.

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Petroleum refining, urea production to reduce import by 35 per cent in 2022 ― Emefiele