Nigeria needs $500m to repair refineries' - Dr. Ibe Kachikwu

Dr Ibe Kachikwu
From the information gathered from the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Ibe Kachikwu, the Federal Government will need about Five Hundred Million Dollars ($500m) to fix the nation’s crude oil refineries which have all been shut down. This he revealed at a forum organised by the Petroleum Club Lagos to celebrate his recent appointment as the NNPC GMD.

According to Dr. Kachikwu, the Port Harcourt Refinery, which was refining crude some weeks ago is no more working and had since been shut down. At the same time, the Warri and Kaduna refineries still remain shutdown. But these were refineries the whole country celebrated President Buhari for opening in just few months coming into office. Had APC led administration listened well, this project was slated to resume operations in 2016 but they dabbled into just to receive vain glory and today, the refinery is no more.
He said, "I was initially happy with the progress made at the Port Harcourt Refinery when it operated at 60 per cent capacity some weeks ago. But now, the capacity has dropped so low that we had to shut it down. We will need about $500m to fix them."
Who were they trying to impress by kicking off the project at 60 percent capacity?
What were they trying to achieve doing this?
How much was made or loss in this project?
What is the way forward for Nigerians?
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