Nigeria spent N958.3 billion
importing Premium Motor Spirit (PMS), also known as petrol, in five months. The
amount could build five 20,000-barrels-per-day mini refineries, industry
experts, who argued that one of such refineries would cost government between
$75 million and $250 million, said yesterday. In naira terms, higher
expenditure on petrol imports gives impression of worsening foreign exchange
position for the country and emphasizes the need to activate the country’s four
idle refineries, Francis Ogbimi, a Professor of Technology Management at the
Obafemi Awolowo University, Ile-Ife said.
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