The Federal Government has revealed the plans in the offing to stop the importation of petroleum products by 2018.
This was made known by the Minister of Industry, Trade and Investment, Mr. Olusegun Agangang during a visit to a company in Lagos state.
“Stopping the importation of oil will save us a minimum of $10bn. We have spent about $3bn importing steel. We spent about $6bn importing cars and spare parts. We spent about $1.7bn importing sugar, but we can in fact grow sugar cane in this country, said Aganga.
He added, “As part of the industrial revolution plan, we have also identified 13 products that will replace oil. These are areas where Nigeria has comparative advantage and export capacity. Mexico did it in seven years. We can also start and diversify our economy and revenue sources.”
The minister who apparently encourages local production of products had recently commended the management of Innoson Vehicles Company (IVC) for producing the first ever made in Nigeria cars.