Nigeria: Fuel imports gulp N958.3bn in five months

21 November 2016, Lagos – Nigeria spent N958.3 billion importing Premium Motor Spirit (PMS), also known as petrol, in five months. The amount could build five 20,000-barrels-per-day mini refineries, industry experts, who argued that one of such refineries would cost government between $75 million and $250 million, said yesterday. In naira terms, higher expenditure on petrol imports […] More »