olusegun-agangaNigeria would by 2017 stop importation of refined petroleum products as its crude oil would be processed locally,  Minister of Industry, Trade and Investment Olusegun Aganga has said.

Aganga disclosed this while representing President Goodluck Jonathan at the African Business Roundtable in New York, United States, on Tuesday. He said that government is planning to use its integrated industrial complex that would be set up and driven by the private sector.

Nigeria is Africa’s largest crude oil producing nation but is currently importing about 80 percent of refined oil needed within the country.

The minister used the opportunity to interact with international investors on the various investment opportunities that are available in the country.

He told the gathering that Nigeria has one of the best incentives in the world because foreign investors can repatriate their dividends after paying the necessary tax to the relevant authorities.

The minster assured that everything possible would be done to ensure macro stability and enhance infrastructural development and political stability in the country.

Meanwhile, Minister for State  for Industry, Trade and Investment, Dr. Samuel Ortom, yesterday in Abuja inaugurated the boards  of five parastatals under the supervision of the ministry.

The parastatals are: Consumer Protection Council (CPC), National Automotive Council (NAC), Small and Medium Enterprises Development Agency ( SMEDAN), Nigeria Investment Promotion Commission (NIPC) and Nigeria Export Processing Zones Authority (NEPZA).

Boards of parastatals are responsible for setting out broad economic, financial, operational and administrative guidelines and targets for their various agencies. They are concerned with policy issues, monitoring of institutional projects/programmes and ensuring that the parastatals’ mandates are realized.

Dr Ortom said the board members are not only highly experienced but are also key players in their various fields in the public and private sectors of the economy, noting that this is a great advantage to the agencies concerned as they will be able to benefit from their wealth of deep knowledge.

The minister however emphasized that the appointment is on part-time basis, as such “the board members are not expected to interfere or participate in the day-to-day running of your respective agencies.”

He further stressed that  no chairman or board member is entitled to an official vehicle on permanent basis. Same goes for office or residential accommodation, he said, and enjoined them to comply with the provisions of extant circulars governing their tenure/appointment, especially circular No. SWC/S/04/S.310/105, dated 10th June, 2010.


Information from Daily Trust was used in this report.