The recent near deregulation of the oil sector is already attracting companies, who want to build oil refineries, said Minister of Information and Culture, Alh. Lai Mohammed.
Alh. Mohammed disclosed this on Thursday in Abuja at a meeting he held with national and state executives of the ruling party, All Progressives Congress on the recent fuel hike price.
Explaining the reason behind government’s decision to increase petrol price, the information and culture minister revealed that the move had been yielding fruits.
“This price regime is going to encourage more investments in refineries and in the downstream sector.
“If you notice three or four days ago, 37 companies were jostling to invest in refineries in Nigeria just because we opened up the sector.
“Again, this price regime will lead to creation of more jobs because when people invest in the downstream sector, when they invest in refining there’ll be more jobs and will also save existing jobs.
“We can see a minimum of 200,000 new jobs being created and save existing 400,000 jobs. Those are the benefits of this new price regime,’’ Alh. Mohammed said.