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.
Peter Uzoho
Marketers of petroleum products have said they are yet to go back to the importation business due to their inability to access foreign exchange.
According to them, sourcing dollars at the official market rate remains a challenge to them due to its scarcity, adding that they could not go to the black market in search of forex because of the cost implication.
This is happening months after the federal government said it had removed petrol subsidy, deregulated the downstream petroleum industry and had given private marketers permission to resume importation of petroleum products
The petroleum marketers including the Major Oil Marketers Association of Nigeria (MOMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) have continued to depend on the Petroleum Products Marketing Company (PPMC), the petrol importing arm of the Nigerian National Petroleum Corporation (NNPC) for th
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’Femi Asu and Okechukwu Nnodim
Oil marketers, on Monday, failed to adjust the pump prices of Premium Motor Spirit (petrol) at their filling stations to reflect the N5 reduction announced by the Federal Government last week.
After meeting with officials of labour unions in Abuja last week, the Minister of Labour and Employment, Dr Chris Ngige, announced that all parties resolved that the price of petrol be reduced by N5 per litre with effect from December 14.
But filling stations visited by our correspondents in Lagos, Abuja, as well as parts of Niger and Nasarawa states on Monday were still selling the petrol at between N163 and N168 per litre.
AfCFTA: Nigeria to become petroleum products refining hub, says Sylva
On
Sylva
The Federal Government says it will leverage the opportunities provided by the African Continental Free Trade Area Agreement (AfCFTA) to reposition the oil and gas sector.
The government said this action would transform the country into a petroleum products refining hub for the African region with its attendant socio-economic benefits.
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.”