Economy

Nigeria Set To Import Fuel From Niger

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The Ministry of Petroleum Resources announced on Thursday in a statement that the Federal Government of Nigeria and the Republic of Niger have signed an agreement for the transportation and storage of petroleum products, as Nigeria is set to begin importation of fuel from the Republic of Niger.

“The Federal Government of Nigeria and the Republic of Niger have signed a Memorandum of Understanding (MoU) for petroleum products transportation and storage,” the statement partly read.

“Niger’s total domestic requirement is about 5,000bpd, thus leaving a huge surplus of about 15,000 bpd, mostly for export.”

Niger Republic’s Soraz Refinery in Zinder, about 260km from the Nigerian border, reportedly has an installed refining capacity of 20,000 barrels per day.

The MoU, as contained in the statement by the GGM/SA Media to the Minister of State for Petroleum Resources, Garba Deen Muhammad, was signed by the GMD NNPC, Mallam Mele Kyari and the Director General of SONIDEP, Mr. Alio Toune under the supervision of the Ministers of State for Petroleum of the two countries, Chief Timipre Sylva and Mr. Foumakoye Gado, respectively, with the Secretary General of the African Petroleum Producers Organisation (APPO), Dr. Omar Farouk Ibrahim in attendance.

In reaction, the Minister of State for Petroleum Resources, Chief Timipre Sylva has expressed confidence in the agreement, stating it will be a win-win for both countries.

“This is a major step forward. Niger Republic has some excess products which needs to be evacuated. Nigeria has the market for these products. Therefore, this is going to be a win-win relation for both countries. My hope is that this is going to be the beginning of deepening trade relations between Niger Republic and Nigeria,” he said.

Ganiu Oloruntade

Ganiu Oloruntade is a writer and social commentator with interests in politics, economy and governance. He tweets @GaniuOloruntade.

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