The President Muhammadu Buhari-led Federal Government has finally nodded to the demand of the rehabilitation of the Warri and Kaduna refineries.
The sum of $1.4 billion was approved for the rehabilitation of the said refineries.
The Federal Executive Council presided over by the Prof. Yemi Osibanjo, Nigeria’s Vice President today in a meeting.
As spelt out, from the approved sum, $897 million is for the rehabilitation of the Warri refinery, while $586 million is meant for the rehabilitation of the Kaduna refinery.
There are four refineries in Nigeria, with the other two located in Port Harcourt.
For over years, the refineries have suffered functionality in optimum, leaving the country with the option to import petroleum products.
We remember that the Managing Director of NNPC, Mr Mele Kyari, had said the rehabilitation of the country’s refineries, coupled with the Dangote Refinery, will transform Nigeria into a “hub of petroleum products and supply”.
“It’s going to change the dynamics of petroleum supply globally in the sense that the flow is coming from Europe today and it is going to be reversed to some other direction,” he said.
“We will be the supplier for West Africa legitimately and also many other parts of the world.”
No doubt, the rehabilitation of these refineries will surely have a positive impact on the price of petroleum for Nigerians.