Minister of Industry, Trade and Investment, Mr. Olusegun Aganga says the present administration is perfecting plans to ensure that the country stops the importation of petroleum products by 2018.
Aganga, disclosed this on Friday during a visit to Mikano International Limited in Ogba, Lagos.
“There are many sectors we should have developed over the years, but for decades, we relied entirely on exporting raw materials. That era has gone. That was why this administration launched the Industrial Revolution plan in 2012. We have started it already, and you can see it in the auto, the sugar, and the cotton and textile industries.
“If this investment goes according to plan; then by 2018, we will no longer import petroleum products into this country. We can no longer be a country that is import-dependent, especially in products we can produce ourselves. Nigeria has a comparative advantage in the agro-industrial, mining-related and petroleum sectors.
“Stopping the importation of oil will save us a minimum of $10bn. We have spent about $3bn importing steel. We spent about $6bn importing cars and spare parts. We spent about $1.7bn importing sugar, but we can in fact grow sugar cane in this country.
“As part of the industrial revolution plan, we have also identified 13 products that will replace oil. These are areas where Nigeria has comparative advantage and export capacity. Mexico did it in seven years. We can also start and diversify our economy and revenue sources,” Aganga said.