The former President of the Nigerian Society of Chemical Engineers (NSChE), Dr. John Erinne, has said that N20 billion ($100m) annual investments in Nigeria’s oil and gas process chemical industry are currently in recession, Daily Trust reports.
He said the dwindling fortune in the process chemical industry was caused by the poor performance of the four refineries in Nigeria and he advised the federal government to save revenue losses from the refineries by expediting action on the privatization of the assets.
Erinne said investments could be secured if the refineries are in good shape. “The investments can double if the refineries work,” he noted, adding that the “nature of the four refineries has effect on production chemicals.”
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