Nigeria wants to sell unprofitable refineries
The federal government of Nigeria wants to sell off unprofitable refineries, a draft policy document released by the government says.
Nigeria only has about four refineries – and imports most of its petroleum products despite producing about 2m barrels of crude oil daily.
The refineries have remained largely unproductive.
Selling off the refineries is part of the government's larger plan to reform the oil industry.
It federal government also wants to set up a single regulator to be called the Petroleum Regulatory Commission.
The draft policy document revealed that the existing institutional regulatory framework was largely ineffective and inefficient.