Chief
Timipre Sylva, Minister of State for Petroleum Resources, disclosed this at the AfCFTA Oil and Gas Virtual Workshop, organised in collaboration with the Federal Ministry of Industry, Trade and Investment, under the theme: “
Nigeria – Africa’s Refining and Services Hub under the AfCFTA.”
Represented by Mr
Bitrus Nabasu, permanent secretary in the ministry, Sylva said Nigeria had ratified the AfCFTA, which would begin implementation in January 2021.
According to him, the AfCFTA aims to redefine trade relations within African states and proposes the creation of a central market for goods and services, enabling free movement of people and investments across Africa’s 54 countries.
Nigeria: Govt - Consumers Protection, Market Factors Will Decide Petrol Price
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AfCFTA: Nigeria to become petroleum products refining hub – minister
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The federal government has said that the policy choice it adopted in the deregulation of Nigeriaâs downstream petroleum sector was one which prioritises the interaction between market forces as well as consumer protection in the setting of the pump price of petrol.
The Minister of State for Petroleum Resources, Mr. Timipre Sylva stated this during a recent digital session for the Nigerian Oil and Gas (NOG) Strategic Outlook.
The government earlier in the year announced the deregulation of the downstream sector of the petroleum industry.
Owing to this, the government suspended the subsidy regime it ran for years which was allegedly covered in corruption and secrecy.