AFRICA AND THE WORLD AT YOUR FINGER TIPS
Tuesday, 15 November 2016
Nigeria wants to sell unprofitable refineries
Nigeria's government wants to sell off unprofitable refineries, a draft policy document released by the government says.
It states that each of the country’s refineries will be given a transition period within which to become viable before being sold.
Nigeria only has about four refineries – and imports most of its petroleum products despite producing about 2m barrels of crude oil daily.
The country's refineries have remained largely unproductive.
Selling off the refineries is part of the government's larger plan to reform the oil industry.
It also wants to set up a single regulator to be called the Petroleum Regulatory Commission.
The draft policy document revealed that the existing institutional regulatory framework was largely ineffective and inefficient.
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