Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar has declared that he would privatize government-owned crude refineries, issue new licenses for greenfield investments in refineries and consider re-introducing bidding rounds for marginal fields and oil block.
Presenting his manifesto today, Monday in Abuja, Atiku said he would make sure Nigeria refined half its current crude output of roughly two million barrels per day by 2020.
“Nigeria remains largely dependent on sales of oil, which make up roughly two-thirds of government revenues. But it refines almost none of its crude, instead exporting what it produces and paying to import refined products – a large drain on the country’s wealth.”
Atiku said that he would eliminate subsidies on imported fuel and let the market determine the price, a potentially risky strategy in a country where even rumours of price hikes have triggered violence.
The PDP candidate vowed to invest $90 billion in infrastructure annually over the next five years, and set up a $20 billion infrastructure debt fund with private backing to finance projects.
He said that he would sign the African Continental Free Trade Agreement. Buhari has up to now kept out of the continent-wide pact, saying he wants to carry out wider consultations.
Atiku re-iterated his plan to partially privatize state oil firm Nigerian National Petroleum Corporation (NNPC).
He said that the exchange rate controls were an issue. But it stopped short of saying whether he would end them.
