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Nigeria's fuel consumption to reach 40 mm liters daily
Local consumption of refined petroleum products in Nigeria is expected
to grow from the current 27 mm liters per day to 40 mm liters 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 $5bn per year, the projected
plans will require government funding to increase to over $10bn
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.
