The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, has isclosed that the Federal Government plans to ensure that the country stops the importation of petroleum products by 2018. He said the plan would save about $10 billion into the federation account.
Aganga, who spoke during a facility tour of Mikano International Limited in Ikeja, Lagos, said Nigeria cannot continue to depend on importation of primary products that could be produced locally.
He said his ministry was ready to harness all resources and delve into sectors where the country has competitive advantage including the agro allied industry and petroleum sector.
In his words, "There are many sectors we should have developed as a country but for decades we relied entirely on importing raw materials which is oil, that era has gone and that's why the president launched the Industrial Revolution plan in 2012."
“We have started it already, and you can see it in the auto, the sugar, and the cotton and textile industries.
“If this investment goes according to plan; then by 2018, we will no longer import petroleum products into this country. We can no longer be a country that is import-dependent; especially in products we can produce ourselves. Nigeria has a comparative advantage in the agro-industrial, mining-related and petroleum sectors.
“Stopping the importation of oil will save us a minimum of $10bn. We have spent about $3bn importing steel. We spent about $6bn importing cars and spare parts. We spent about $1.7bn importing sugar, but we can in fact grow sugar cane in this country.”
Assessing activities of Mikano International Limited, Aganga noted that the level of works at Mikano was key into the Industrial Revolution Plan to ensure that power is stabilised in the country.
"Part of what Mikano produces today has a minimum of 40 per cent local content and it is in critical sector of power industry. I am encouraging them and they have been making plan to start the production of transformer which will seriously support the power sector," he added.
The minister said he was impressed by the firm activities, which currently imports generators and other power spare parts to countries including Dubai, United Kingdom as well as other African countries, stressing that it was the first time the country recorded such development.
He further disclosed that its ministry has identified 13 products that can replace oil in areas where Nigerians would have competitive advantage and that once the implementation of the revolution plan is completed it would diverse the economy in a period less than four years.
“As part of the industrial revolution plan, we have also identified 13 products that will replace oil. These are areas where Nigeria has comparative advantage and export capacity. Mexico did it in seven years. We can also start and diversify our economy and revenue sources.”
Aganga listed the 13 national strategic export products in three categories thus: agro-industrial (palm oil, cocoa, cashew, sugar and rice); mining-related (cement, iron ore/metals, auto parts/cars, aluminium, and oil and gas); and industrial products (petroleum products, fertilizer/Urea, petrochemical and methanol).
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