Nigeria To Save $10b From Fuel Import Drop

Money Transfer Operators

By Dipo Olowookere

President Muhammadu Buhari on Saturday said Nigeria would be saving 10 billion dollars annually from the drop in the importation of petroleum products as the nation’s four refineries would soon be fully repaired.

The President disclosed this in a nationwide broadcast to mark the nation’s 56th Independence Anniversary on Saturday.

He frowned at the situation where half of the nation’s foreign exchange earnings were being spent on importation of petroleum and food items.

Mr Buhari attributed the current socio-economic hardship being experienced in the country to inability of the previous administrations to save for the “rainy days’’.

“Historically about half our dollar export earnings go to importation of petroleum and food products, “Nothing was saved for the rainy days during the periods of prosperity.

“We are now reaping the whirlwinds of corruption, recklessness and impunity.

“There are no easy solutions, but there are solutions nonetheless and government is pursuing them in earnest.

“We are to repair our four refineries so that Nigeria can produce most of our petrol requirements locally, pending the coming on stream of new refineries.

“That way we will save 10 billion USD yearly in importing fuel.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

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