Chairman, Major Oil Marketers Association of Nigeria, Tunji Oyebanji, has said Nigeria stands to become the refining hub for Africa if the country implements full deregulation of its downstream sector.
Oyebanji stated this at the maiden webinar session of the Association of Nigerian Energy Correspondents.
Oyebanji, who was the guest speaker, explained that the deregulation would set Nigeria ahead of other African nations in the area of local petroleum products refining, adding the deregulation will result in alignment with the Nigerian National Petroleum Policy, construction and maintenance of refineries, product availability in the country and increased foreign exchange earnings.
He stated further that it would attract resumption of the importation of petrol motor spirit by marketers, freeing Nigeria’s government
Oyebanji, however, said for the country to take advantage of the opportunities, the right internal economic policies must be put in place.
