The Minister of State for Petroleum Resources Ibe Kachikwu has said that Nigeria plans to raise $1.2 billion to upgrade its oil refineries, aiming to end a reliance on oil product imports by 2019, Reuters reports.

“We are still far from signing any contract with anybody,” said Kachikwu on the financing plan, at a press briefing in the capital of Abuja. “The technical committee is still working on it and it has to go to the Federal Executive Council for approval before we move into throwing it open for interested parties.”

Nigeria’s daily domestic refining capacity is now at 6 million litres, while the country’s daily consumption stands at 35 million litres, Kachikwu said. The refinery upgrades would be carried out via the planned financing package and not a concession agreement, Kachikwu said.

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