The Federal Government has announced a ban on the importation of oil pipelines into Nigeria.
During the opening of the Monarch Alloys 33LPE and concrete weight coating plant in the Ikorodu neighbourhood of Lagos State on Thursday, Heineken Lokpobiri, the Minister of Petroleum Resources (Oil), made this statement.
To support domestic producers, Lokpobiri says the nation must cease importing pipes.
Lokpobiri instructed the Nigerian Content Development and Monitoring Board to stop granting exemptions for the importation of pipes from China.
He acknowledged the critical role pipelines play in the oil and gas sector, but added that the NCDMB was established in part to help Nigerian businesses develop the capacity they need to serve the sector.
Although he was pleased that Monarch Alloys had established a strong foundation over the previous 15 years, he voiced doubts about its sustainability.
Speaking to the NCDMB team, he noted,
According to the oil minister, Nigeria can easily produce three million barrels of oil per day; the pipelines’ age is the problem.
TimesNow.com.ng reported the import of photovoltaic solar panels has increased recently, reaching almost N200 billion yearly, despite the crisis in Nigeria’s power industry.
However, in order to preserve much-needed foreign cash and ease pressure on the naira, the federal government has insisted on stopping the importation of solar panels.
Instead, the government is taking a different approach and has announced what will replace the import of solar panels.
Source: TimesNow.com.ng
