01/30/2015

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NIGERIA: Petroleum, petrochemical imports will end under Industrial Revolution Plan

"We can no longer be a country that is import dependent, especially on products we can produce in this country,” Aganga said. "There are many sectors we should have developed as a country, but we relied for decades on exporting raw material, which is oil.” He noted that Nigeria currently imports petrochemicals at a cost of about USD 10-billion annually. With the NIRP, that "era is gone.” The NIRP identifies specific imports that will be affected under the plan. The list includes oil and gas industrial products, petroleum products, urea, methanol and petrochemicals. Nigerian President Goodluck Jonathan, in unveiling the plan, explained the goal of the NIRP is to increase the manufacturing sector's contribution to GDP to over 10% from 4% currently, over the next five years. Source: Weekly "PetroChemical News", Durham, NC, USA; 19 Jan 2015
(Syed Rashid Ali, Karachi, Pakistan) 

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