NNPC To Become Sole Petroleum Products Importer as Refineries Begin Operation

Speaking at an interview with the Financial Times of London, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has shed some light on how the Federal Government plans to reduce the national reliance on imported petroleum products.

With all the refineries now springing into operation, following their Turn Around Maintenance (TAM), the government intends to reduce the amount of petroleum products that will be imported into the country to service the shortfall.

Once the refineries reach optimal operation, according to Emefiele, the plan is for Nigerian National Petroleum Corporation (NNPC) to be solely responsible for the importation of petroleum products. Those currently importing products will no longer be able to do so and traders will be expected to buy their products from NNPC.

“So in that area I would say that we are already moving in the direction of reducing the import of pe¬troleum products. And we will achieve it,” Emefiele said.