Could this be the beginning of fuel sufficiency in Nigeria?

In addition to Aliko Dangote’s 650,000 daily capacity refinery in Lagos, Italian oil company, Eni plans to build a crude refinery in Nigeria

The refinery will be built through its Agip subsidiary.

The government has been seeking investment in the sector to reduce reliance on imported oil products that consume a substantial portion of the nation's scarce foreign currency reserves.

After decades of neglect, Nigeria’s existing refineries produce hardly any fuel.

"We reached an agreement that Agip will build a brand-new refinery of 150,000-barrel capacity, Emmanuel Ibe Kachikwu told reporters after meeting Eni executives in Abuja on Tuesday.

He added that a memorandum of understanding is being prepared.

ENI executives declined to talk to reporters at the event, but in January the company said that it would "intensify" oil and gas exploration in Nigeria and help to revamp the Port Harcourt oil refinery.