Nigeria's fuel consumption to reach 40 mm litres daily

Feb 13, 2008 01:00 AM

Local consumption of refined petroleum products in Nigeria is expected to grow from the current 27 mm litres per day to 40 mm litres per day by 2010, the Minister of Petroleum, Mr Odien Ajumogobia has said.
Speaking in Abuja at a conference marking 50 years of oil in Nigeria, Ajumogobia said domestic consumption would grow alongside the economy, which is expected to grow from the current 7 % to double digit figure.

The minister stressed that there was the need to increase the refining capacity of Nigeria, adding, “By 2020, the nation will need a significant addition to the number of refineries if the products supply capacity must rise with demand. Complimenting this refinery capacity increase is also a major investment in supply and distribution network to move products to the market.”
On funding, Ajumogobia said the requirement needed to support the capacity expansion was enormous.

“From a historical funding level of about $ 5 bn per year, the projected plans will require government funding to increase to over $ 10 bn annually. This is a major shift which the government is unable to meet. A funding solution for the NNPC will be required.”
Aside funding, the minister noted that the human and infrastructural capacity required to meet the projected activity level was also enormous.

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