Breaking: FG Approves $1.4b For Rehabilitation of Warri, Kaduna Refineries

FG Approves $1.4b For Rehabilitation of Warri, Kaduna Refineries

Nigeria’s federal government has approved the sum of $1.4 billion for the rehabilitation of the Warri and Kaduna refineries.

The approval was made by Federal Executive Council on Wednesday, in a meeting presided over by Vice President Yemi Osibanjo.

From the approved budget,$897 million is for the rehabilitation of the Warri refinery, while $586 million is meant for the rehabilitation of the Kaduna refinery.

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Nigeria has four refineries spread across the country, with Port Harcourt playing host to the other two.

The refineries have struggled to function optimally for years, leaving the country continues to import petroleum products.

Recall that Managing Director of NNPC, Mr Mele Kyari, had said the rehabilitation of the country’s refineries, coupled with the Dangote Refinery, will transform Nigeria into a “hub of petroleum products and supply”.

“It’s going to change the dynamics of petroleum supply globally in the sense that the flow is coming from Europe today and it is going to be reversed to some other direction,” he said.

“We will be the supplier for West Africa legitimately and also many other parts of the world.”

The rehabilitation of the Warri and Kaduna refineries will definitely have a positive impact on the price of petroleum for Nigerian citizens.