Nigeria has entered an agreement with Nigeria Republic to enable the oil rich African giants import petroleum products from it’s tiny West African neighbors.
This follows a bilateral agreement between both countries initiated by President Muhammadu Buhari and President Mahamadou Issoufou.
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The move has resulted in the signing of a Memorandum of Understanding (MoU) for petroleum products transportation and storage between both countries.
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According to AIT, the agreement was preceded by talks that lasted over four months, through the Nigerian National Petroleum Corporation, NNPC and Niger Republic’s National Oil Company, Societe Nigerienne De Petrole (SONIDEP), on petroleum products transportation and storage.
Findings reveal that the Soraz Refinery in Zinder in Niger Republic is located about 260 kilometres from the Nigerian border, and has a refining capacity of 20,000 barrels per day.
However, Niger Republic’s total domestic requirement is about 5,000bpd, which leaves a staggering 15,000 bpd as surplus and mostly for export.
Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva who spoke after the signing of the MoU, described the move as a huge step in developing trade relations between both countries.
Secretary General of African Petroleum Producers Organisation, APPO, Omar Farouk Ibrahim stated he could not be happier with what he witnessed in terms of co-operation and collaboration between the two APPO member-countries in the area of hydrocarbons.
The General Managing Director of the NNPC, Mele Kyari, in his remark noted that the two countries have had long engagements in the last four to five months with a view to restoring the importation of petroleum products with the excess production from Niger into Nigeria.
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