The Federal Government has approved a new policy for the re-organisation of the Nigeria National Petroleum Corporation (NNPC) for efficiency and accountability.
The approval is sequel to a memo presented to the Federal Executive Council (FEC) by the Minister of State, Petroleum, Dr. Ibe Kachikwu.
Kachikwu, who briefed State House correspondents at the end of FEC meeting on Wednesday, said the approval would usher in a new era of oil administration in Nigeria.
He said his ministry had already begun implementing aspects of the new policy.
The minister said: “We are working assiduously to end fuel importation in 2019 and we also captured the cash calls changes we have done which enables the sector to fund itself through incremental volumes.
“It captured the issues in the Niger Delta and what we need to do as a government, to focus on stability and consistency in the sector.
“It is a very comprehensive 100-page document that deals with all the spectrums in the industry..
“It has been 10 years and you are aware that the dynamics of the oil industry has changed dramatically.
“Apart from the fact of fluidity in pricing and uncertainty in terms of the price regime in crude, we are pushing for a refining processing environment and moving away from exporting as it were to refining petroleum product, that’s one change you will see.
“Secondly, how we sell our crude is going to be looked at, there is a lot of geographical market we need to look at in the long term, contracting and sales as opposed to systemic contracting that we have been doing.
“Those are the fundamentals, it is a document if well executed will fundamentally take the change process that we began in 2015 to its logical conclusion hopefully in the next couple of years,” he said.