Nigeria and Namibia have signed an agreement to built a joint oil refinery, which would be located in Walvis Bay.
President Goodluck Jonathan, who was in Namibia on a two-day official visit and President Hifikepunye Pohamba signed the agreement for the wholly private financed.
Nigeria’s ailing four refineries have been slated for sale as the Federal Government looks for ways to cut waste and lock in the gains, a move that is being fiercely opposed by unions.
A joint communiqué issued at the end of the visit said the two leaders urged the private sector of both countries to work toward a speedy realisation of the joint oil refinery.
The communique said the two leaders commended the hosting of a business forum between the private sector stakeholders of both countries on the margin of the state visit and urged their respective private sector stakeholders to take the full advantage of the abundant business opportunities, to optimise trade and commerce between the two countries.
Nigeria, even though is Africa’s top crude exporter relies on fuel imports to meet more than 70 percent of its needs, and in a dubious arrangement exchanges 60,000 barrels a day of crude for products with shady firms like Trafigura Beheer BV and Societe Ivoirienne de Raffinage’s refinery in Ivory Coast.