$25 billion is spent on fuel imports each year

Vice President Kassim Shettima said more than $25 billion was spent annually on importing petroleum products into the country.

Shettima spoke on Thursday at the Vanguard Economic Lecture themed: “Reforms in a Time of Global Economic Uncertainty: The Road Ahead for Nigeria”.

The Vice President, who was represented by his Special Adviser on Economic Affairs, Tope Fasuah, asserted that things would be different in future.

The move comes five days after Africa’s richest man, Aliko Dangote, said Nigeria would no longer need to import petrol by June.

Speaking at the event, Shettima said with government support and revamping of state-run refineries, the country would stop importing petroleum products.

“The government is financing private sector-led oil refineries and refurbishing some of the state-run facilities. The $25 billion spent annually on importing oil and other refined products will soon become a thing of the past and the naira will get a well-deserved relief,” he said.

Shettima said the country would not hesitate to reverse and review policies if they would cause undue hardship to Nigerians, something he said was “something we haven’t seen in a long time.”

“So, this administration is not trying to make life harder for Nigerians but it is trying to make the Nigerian economy sustainable and make life easier for its people,” Shettima said.

“Rest assured everyone, the coming years will be full of positive achievements. With the guidance and grace of Almighty God, we will see improved living standards, increased productivity, food security, bountiful harvests and remarkable achievements.”

He further noted that President Bola Tinubu has been able to secure over $20 billion in potential investments for the country, including $14 billion from India, $250 million from the Netherlands and a $500 million pledge for lithium development in Nasarawa State.

Shettima added that the country has secured an additional $500 million from Germany for renewable energy and that Siemens’ power sector projects will have a positive impact on energy independence in due course.