The Nigerian Government has revealed that it would ban the importation of refined petroleum products as from 2018.
Speaking on behalf of the government, the Minister of Science and Technology, Ogbonnaya Onu, said since her independence in 1960, Nigeria has relied on one commodity and subsequently relegated its revenue base.
Onu made this disclosure known in his country home Uburu, Ohaozara Local Government Area of Ebonyi State while addressing a meeting of stakeholders of the ruling All Progressive Congress.
He said Nigeria has continued to relegate its revenue base by relying on just oil products.
“Even now, Nigeria exports crude oil and imports petroleum products. When your economy is based on commodity, you cannot determine the price,” he said.
The minister also stated that the Ministry of Science and Technology was working hard to ensure that Nigeria changes from “resource-based economy to multi-faceted one.”