PETROLEUM REFINERIES BILL 2012: A PRAGMATIC STEP TO STIMULATE INVESTMENT IN THE NIGERIAN MIDSTREAM OIL AND GAS SECTOR

摘要

Nigeria is a net exporter of crude oil, which accounts for over 90 per cent of her foreign exchange, but the absence of functional refineries has reduced the country to a net importer of refined petroleum products. Consequently, ensuring security of refined petroleum products for local consumption in response to the unending demand has lately been the major preoccupation of successive Nigerian governments, with little or no tangible steps being taken to permanently address the concern.