The Federal Government has declared its intention to stop the importation of petroleum products by 2017.

CEOAFRICA news desk gathered that this was disclosed by Olusegun Aganga, Minister of Trade and Investment representing President GoodLuck Jonathan at the African Business Roundtable in New York, United States.

The Federal government in the remark established that from 2017 onwards, crude oil would be processed and turned into finished goods through an integrated industrial complex that would be set up and driven by the private sector.

According to the Government sources who spoke on the workability of the integrated industrial complex, the government plan to leverage private sector investors, like Dangote, who are planning to build refinery, fertilizer and petrochemical companies in the country.

They further stressed the public-private partnership would ensure that the planned integrated industrial complex would process the country’s resources into finished products, which will create more jobs and revenue for the country.

President Goodluck expressed his commitment at seeing Nigeria optimally utilize its crude oil and get the necessary derivatives, stressing that countries that depend on export of raw materials only to buy them back as finished goods are never developed.

He concluded however that the proposed complex would make Nigeria a net exporter of petroleum products, including diesel and aviation fuel, as well as polypropylene and fertilizer.