The Minister of State Petroleum Resources Emmanuel Ibe Kachikwu disclosed that Nigeria anticipates to benefit about $40bn worth of oil interests in the next five years. The nation’s refineries delvers at 14 for each penny limit, focusing on that oil firms working in the country would not be permitted to dispatch out all the unrefined they create without refining some locally sooner rather than later.

Kachikwu said that the government would announce a model for target investments in the facilities within the next one month.He expressed that the financing limit with regards to the upstream oil division had been changed in the previous two years

In his words “There are major plans; everywhere you look, there are opportunities in the oil sector. What have we achieved since the launch of the 7Big Wins two years ago? We have been able to, through a lot of struggle, change the funding capacity for the upstream and that had sort of energised investors in the upstream sector.

“Now, we are beginning to see projects like Egina, worth $15bn; Zabazaba, $10bn; Bonga, $10bn, and the likes. So many other investments, put at over $40bn potential investments over the next five years if we do the right thing, set the right models and set the right policies. That is very key and that is coming from a country where investments had run away for nearly seven to 10 years.”

“We have addressed refineries; for the first time, we are creating a model where target investments are going into the dilapidated refineries. Some of them will be announced over the next one month. We are still targeting to be able to get these refineries up and running from about 14 per cent utilisation capacity today, to about 90 to 95 per cent over the next 18 to 20 months.

“If we do that, hopefully, we will begin to move drastically to self-sufficiency in the production of refined petroleum products.”