Vice-President Kashim Shettima has said that over $25 billion is used to import petroleum products into the country annually.
He delivered a speech on Thurday at the Vanguard Economic Discourse themed ‘Reforms in the Era of Global Economic Uncertainties: Whither Nigeria’.
The vice-president, represented by Tope Fasua, special adviser on economic affairs, said that this would change in the future.
Shettima’s pronouncement comes five days after Aliko Dangote, the richest person in Africa, said Nigeria will no longer need to import petrol by June.
The vice-president, whilst speaking at the event, said the country will put an end to the importation the petrol because of the backing of the government and the revamping of state-owned refineries.
“With the support our government is lending to our private sector-led oil refineries and rejuvenation of some of the state-owned facilities. The $25 billion we spend yearly importing petroleum and other refined products will soon be a thing of the past allowing the naira a much-deserved breath,” he said.
He added that the country will not hesitate to backtrack and review policies if it would impose unnecessary hardship on Nigerians as it “has been seen over time”.
“So this administration is not out to make the life of Nigerians tougher, but to make the Nigerian economy sustainable, and the lives of our people more enjoyable,” Shettima said.
“Rest assured, ladies and gentlemen, that the next few years will be full of positive achievements. They include improvements in the standards of living, higher productivity, food security, bumper harvests and remarkable achievement with the guidance and grace of Almighty God.”
Shettima also mentioned that President Bola Tinubu has been able to secure more than $20 billion in potential investments into the country, “including $14 billion from India, $250 million from the Netherlands, and commitments of $500 million for lithium development in Nasarawa state”.
He disclosed that Nigeria has secured another $500 million from Germany into renewables, noting that the Siemens power sector projects will positively impact energy sufficiency in due course.