Nigeria Plan Sale of Four State-Owned Oil Refineries Next Year

                                                          

DIEZANI ALISON - MADUEKE, PETROLEUM MINISTER

Nigeria, Africa’s largest oil producer, plans to begin privatizing its four state-owned oil refineries before the end of the first quarter, Petroleum Minister Diezani Alison-Madueke said.

“We would like to see major infrastructural entities such as refineries moving out of government hands into the private sector,” she also said “Government do not want to be in the business of running major infrastructure entities and we haven't done a very good job at it over all these years.”

A presidential audit of the facilities last year recommended their sale due to inadequate government funding and “sub-optimal performance.” The refineries, which have a combined 445,000 barrel-a-day capacity, should be privatized within 18 months, according to the report submitted to President Goodluck Jonathan in November 2012.