Nigeria signs $4.5bn oil refining deal with Vulcan

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Nigeria has signed a preliminary $4.5bn (£2.9bn) deal with US-based Vulcan Petroleum to build six oil refineries.

The deal could boost refining capacity in the country by 180,000 barrels a day, with two of the refineries due for completion this year.

Nigeria is Africa’s biggest oil producer but its refineries are only able to refine a fraction of this into fuel.

As a result, it is forced to import much of its fuel at great cost.

The memorandum of understanding with Vulcan marked “the beginning of changing our old paradigm of exporting just raw materials and exporting jobs to Western countries,” said Nigeria’s Trade and Investment Minister Olusegun Aganga.

Read it at BBC

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