According to reports, the Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu, says Nigeria will move beyond oil export and improve its economy.
Kachikwu, who said this in the 2016 Nigerian National Petroleum Draft Policy, also clarified that the aim of restructuring the sector was to ensure efficiency and business enhancement.
“Our vision is to move Nigeria beyond crude oil exports into value added activities in oil, namely refining and petrochemical industries.
“The vision is also to expand from oil into gas-based industrialisation, based on the untapped large gas reserves in Nigeria.”
According to Kachikwu, a strong commercially viable and significant refining sector is an essential part of the Nigerian Petroleum Policy.
He stated that there were three main reasons for the new petroleum policy, which included the fact that the previous policy had not worked, the world had changed and prices had collapsed.