Dr. Olusegun Aganga, the Minister of Industry, Trade and Investment, confirmed the initiative in Lagos recently, stating that Nigeria will stop the importation of petrochemicals by 2018.
He said the launch of Nigeria Industrial Revolution Plan (NIRP) by government, will help put in the past the importation of petrochemical products which currently costs the nation about $10 billion annually.
Aganga, who spoke during a courtesy visit to power solutions company, Mikano International Limited, said in part: “Nigeria can no longer be a country that is import dependent especially on product she can produce locally.”
“There are many sectors we should have developed as a country but we relied for decades on exporting raw materials which is oil. That era is gone and this is why the President launched the Nigeria Industrial Revolution Plan (NIRP) in 2012.”
“If the investment goes according to plan, by 2018, we will no longer import petroleum products into the country and that will save us a minimum of about $10 billion.”
According to him, the government’s approach under the NIRP is to expand the nation’s economy revenue routes.