BUSINESS and FINANCE, POLITICS and GOVERNMENT

Nigeria Imports 1.25 Million American Barrels of Kerosene

Nigeria imports 1.25 American million barrels of kerosene from the United States of America. Currently the nation is second largest importer of kerosene according to recent reports released by the ministry of energy.

Nigeria has emerged the second largest importer of kerosene from the United States according to recent reports released by the ministry of energy. The country is the biggest crude oil exporter and it does not have adequate refineries to process the oil. Currently Nigeria is the third largest importer of jet fuel from America. Other products that have been imported by Nigeria during the last financial year include lubricants finished motor gasoline, fuel ethanol and petroleum coke. Nigeria imported 29000 barrels of lubricants, 161,000 of fuel ethanol and 1.72 million of LPG.

Nigeria largely depends on importation to meet the domestic fuel demand. This has created market for refiners in the American market and Europe. The country’s four refineries produce less fuel when compared to the demand in the country forcing Nigeria to import fuel yet they produce fuel in the country. The national petroleum corporation indicated that it had shut down Kaduna and Port Harcourt refineries and this caused challenges in the oil sector with an upsurge in the demand for refined fuel for the nation.

Although Port Harcourt resumed operations in December after several months of shut down. It has not met the national demands and the plant is still undergoing rehabilitation to increase its capacity add bring the barrels produced per day to a higher value than the local demand. The Nigerian economy has been grappling with the reduction of the global oil prices and the country has a huge demand for processed fuel. The president of the nation has indicated that is government is trying to tackle problems from the past through introduction of a corruption free country.

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