Dangote Refinery To Save $7.5bn Through Import Substitution

Google+ Pinterest LinkedIn Tumblr +

According to NBS, the country imported N349.45 billion worth of PMS in March 2018, representing the highest volume of petroleum product import during the quarter under review.

Specifically, the petroleum products importation statistics for first quarter 2018 reflected that 5.67 billion litres of PMS, 954.47 million litres of Automotive Gas Oil (AGO); 66.914 million litres of Household Kerosene (HHK); and 5122.067 million litres of Aviation Turbine Kerosene (ATK) were imported into the country in first quarter of 2018.

According to NBS, the months of March 2018 recorded the highest volumes of PMS imported into the country at 2.41 billion litres while the highest volume of AGO and HHK were imported in February and January 2018 respectively.

This continuous importation of petroleum products has exerted undue pressure on the nation’s external reserves and induced depreciation of the naira.

Edwin said that the Dangote Refinery therefore would help the Federal Government create a robust domestic refining sector that could reduce petroleum products imports and save the country from capital flight.

He stated: “The refinery is going to save a huge amount of foreign exchange out flow because, today, forex is being used in the importation of petroleum products and our foreign reserves are being heavily depleted.

Share.

About Author

Leave A Reply