Group Managing Director, Mr. Andrew Yakubu, has said that the Nigerian National Petroleum Corporation needs close to $3bn (N474.15bn) to upgrade its depots and refineries’ pipeline infrastructure nationwide.
In a presentation titled: ‘Energy Industry Deregulation: The Prospects and Challenges of the Economy,’ Yakubu said close to $3bn would be required to upgrade the pipeline infrastructure. The NNPC boss, who was represented by the Group Executive Director and Coordinator, Corporate Strategy and Planning, Dr. Timothy Okon, called for the total deregulation of the energy industry, while also stressing the need to mobilize private sector investment in downstream infrastructure development.
He said the move would stimulate competition across the value chain and free huge resources of government for more productive national development programme.
According to him, incessant vandalism has rendered the Pipelines And Products Marketing Company Limited’s pipelines and storage depots inoperable. He, therefore, stressed the need to secure the pipeline infrastructure using a dedicated strategic national infrastructure protection squad, adding that any offender should be tried in accordance with the provisions of the Petroleum Product Distribution Anti-Sabotage Act, 2004.