Mr Olusegun Aganga, Minister of Industry, Trade and Investment, disclosed that the Federal Government plans to ensure that importation of petroleum products into the country stops by 2018.
He said this recently during a visit to Mikano International Limited in Ogba, Lagos.
The minister said, “There are many sectors we should have developed over the years, but for decades, we relied entirely on exporting raw materials. That era has gone. That was why this administration launched the Industrial Revolution plan in 2012. We have started it already, and you can see it in the auto, the sugar, and the cotton and textile industries.
“If this investment goes according to plan; then by 2018, we will no longer import petroleum products into this country. We can no longer be a country that is import-dependent especially in products we can produce ourselves. Nigeria has a comparative advantage in the agro-industrial, mining-related and petroleum sectors.”
According to his statement, stopping the importation of oil will save the country a minimum of $10billon.
As part of the industrial revolution plan, they have also identified 13 products that will replace oil. These are areas where Nigeria has relative advantage and export capacity. Mexico did it in seven years. They can also start and diversify the economy and revenue sources.
Meanwhile, the Federal Government has identified 13 national strategic export products that can replace crude oil whose prices have decline in the international market continuously.
Aganga, noted that the need to identify the products became vital since the fall in crude oil price is currently threatening the stability of the Nigerian economy.