The Central Bank of Nigeria (CBN) on Monday recommended the introduction of compelling policy that will ensure local refining of at least half of crude oil and natural gas produced in the country.
This, according to the apex bank, would help to scale down on the $36.371 billion spent between 2013 and 2017 and reduce importation of refined petroleum products and under recovery.
The recommendation was contained in a memorandum signed by Uwatt Uwatt, CBN Director, Research Department and submitted to the Ad-hoc Committee investigating the status of the nation’s four refineries, the Turn Around Maintenance (TAM) to date and regular modular licensed refineries’, chaired by Mohammed Datti (APC-Kaduna).
Details later…
