The Federal Government of Nigeria has determined to deepen local content and reduce importation of products Nigeria can produce locally.
Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Kesiye Wabote said this yesterday.
He made this statement at the groundbreaking of the ERASKON 64,000 litres/day Lubricant and Chemical Blending plant and product launch at Gbarain, Yenagoa, the Bayelsa State capital.
Wabote spoke on behalf of the agency and the Minister of State for Petroleum Resources, Chief Timipre Sylva.
ERASKON Nigeria Limited is an arm of the ERASKOP industrial and infrastructure conglomerate, which includes Erasko Energy Limited and Eraskorp FPSL.
Wabote said Nigeria currently consumes about 250 million litres of various engine oil brands per annum.
The NCDMB also boss noted that the consumption grows at more than 5 per cent every year due to the addition of new vehicles and machinery.
Expressing regret about some aspects of the nation’s capacity, he said: “The in-country blending capacity has remained constant at about 150 million litres, showing a shortage of about 100 million litres. This shortfall is met by the importation of finished lube oil products with the attendant loss of revenue and job opportunities.”
Wabote explained that the partnership with ERASKON is in line with the agency’s mandate to develop local capacity in the oil and gas sector.
