The Department of Petroleum Resources (DPR) Director Mordecai Danteni Ladan has said that Nigeria risks losing its fuel market in West Africa to Ghana, if it does not revive its four refineries and build new ones, The Nation reports.
At the Worldstage Economic Summit in Lagos, he said it was high time Nigeria refurbished its refineries and built more to reduce imports. Ladan represented by DPR’s Manager for Planning Kanmi Ayodeji, said Nigeria might lose a segment of the oil market following Ghana’s decision to build refineries and export petroleum products to Niger, Burkina Faso and Mali, among others in the subregion.
Ladan said the country would make $500 on a barrel of crude if it stopped crude export and focused on refining and selling crude oil derivatives, such as diesel, kerosene, petrol, rubber and other petrochemical products. This, he said, would help Nigeria to refine enough fuel for local consumption and for export to other countries in the sub-region.