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Three out of Nigeria’s four oil refineries have resumed exercise and are operating at between 60% and 80% of their capability.

The announcement was made by state-owned Nigerian National Petroleum Company (NNPC) stating that the refineries – two in Port Harcourt, capital of Rivers State and one in Warri, Delta State – began working once more after undergoing a rehabilitation program. The fourth refinery, in Kaduna, Kaduna State, is predicted to resume exercise soon.

The 4 refineries, largely underused attributable to maintenance issues, have a combined capability of 445,000 barrels per day (bpd).

Nigeria
Capital: Abuja

Population: 174,507,53 (2013 census)
Largest cities: Lagos, Kano, Abuja

Major ethnic teams: 21% Yoruba, 21% Hausa,
18% Igbo

Languages: English, Hausa, Igbo, Yoruba

Religion: 50% Muslim, 40% Christian, 10% other
Forex: Naira (N) 1N = £0.0033; US$0.0050

The NNPC announcement came shortly after newly elected President Muhammadu Buhari, who took office in Could, was urged to privatise the oil refineries and end a gasoline subsidy programme.

A senior member of the All Progressives Congress (APC), of which Buhari is member, stated the refineries must be privatised so that the state would not spend cash on yearly maintenance programmes.

Nigeria’s lack of refineries implies that the nation – which is Africa’s biggest oil pruducer – has to export about ninety% of its crude oil and import back petroleum merchandise at worldwide costs.

The federal government then sells gasoline to Nigerians at subsidised prices and reimburses the distinction to importers.

Former President Goodluck Jonathan cut subsidies by 90% after oil costs slumped, arguing that the end of the programme may save the government $8bn (£5.2bn, €7.3bn) a yr, that may very well be invested into public services.

In 2012, the government tried to finish subsidies by doubling the price of a litre of petrol overnight, triggering violent protests. Citizens argued that low costs are the one benefit they have by living within the oil-wealthy nation. The government backtracked on its resolution following rallies that prompted not less than sixteen deaths.

Former senator Kabir Marafa additionally known as for an finish of subsidies arguing that it would clear up the problem of lack of petroleum merchandise in the nation. In accordance with Marafa, oil destined for Nigeria is offered in different African international locations at higher prices.

“This thing referred to as gasoline subsidy, I do not imagine there is one, I crude oil etf 2015 don’t imagine it’s benefiting the masses and it does not assist them in any way as far as I’m concerned,” he was quoted as saying by PM News Nigeria.

“So long as gasoline is promoting at a lower worth than some other neighbouring nations, you’ll proceed to have gasoline going via the borders out. If you deregulate the market, you allow whoever desires to deliver petroleum products into the nation to go forward and convey it, you regulate only, gasoline is not going to promote as much as it is selling now.”

Corruption
Nigeria’s oil and gas industries are also marred by widespread corruption. Earlier in July, Buhari reportedly banned 113 vessels from lifting crude oil “until further discover” in an anti-corruption move. In accordance with some stories, the vessels had been concerned in”illicit lifting of Nigeria’s crude”.

In 2013, the top of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, was suspended after he claimed that $20bn of oil revenue “went missing” from NNPC.

In a letter to former president Jonathan, Sanusi mentioned: “I’m constrained to formally write your excellency, documenting serious considerations of the CBN on the continued failure of the NNPC to repatriate vital proportions of the proceeds of crude oil shipments it made in gross violation of crude oil etf 2015 the law.”

The allegations triggered an investigation into NNPC books. In accordance with the audit, released in April, NNPC overpaid the state by virtually $750m, however still had to pay an additional $1.5bn.

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