Nigeria to end $25 billion annual petroleum imports — VP Shettima

Vice-President Kashim Shettima disclosed on Friday that Nigeria spends about $25 billion annually on Nigeria petroleum imports, and this dependency will soon become a thing of the past.

Shettima expressed optimism that Nigeria petroleum imports would soon become a thing of the past, citing the concerted efforts of President Bola Tinubu’s administration to enhance the quality of life for Nigerians.

Speaking at the Vanguard Economic Discourse, titled ‘Reforms in the Era of Global Economic Uncertainties: Whither Nigeria,’ held at the Civic Centre in Lagos, Shettima assured citizens that the government’s new policies would yield positive results in the near future.

Represented by Special Adviser on Economic Affairs, Tope Fasua, Shettima emphasized the administration’s dedication to ending fuel imports through government support and the refurbishment of state-owned refineries. He highlighted the significant impact of these efforts on the nation’s economy and currency.

“With the support our government is lending to our private sector-led oil refineries and the rejuvenation of some of the state-owned facilities, the $25 billion we spend yearly importing petroleum and other refined products will soon be a thing of the past, allowing the naira a much-deserved breath,” Shettima stated.

These comments follow similar remarks from Aliko Dangote, chairman of the Dangote Group, who recently predicted that Nigeria would cease petrol imports by June. Shettima’s assurances underscore the administration’s commitment to revising policies that burden Nigerians, focusing on sustainability and economic prosperity.

Highlighting President Tinubu’s success in attracting investments, Shettima noted, “Mr. President has been able to secure more than $20 billion in potential investments into the country, including $14 billion from India, $250 million from the Netherlands, and commitments of $500 million for lithium development in Nasarawa state, as well as another $500 million from Germany into renewables.”

Shettima also mentioned the progress of the Siemens power sector projects, which are expected to enhance the country’s energy sufficiency. “The Siemens power sector projects are picking up speed and will have a salutary effect on our energy sufficiency in good time,” he added.

The Vice-President’s remarks reflect the administration’s broader strategy to boost economic growth and reduce Nigeria’s dependency on imported petroleum products through targeted reforms and strategic investments.