SHOCKING!!! Annual Imports on Petrochemicals in Nigeria is about N2 trillion.

   Petrochemicals, also called petroleum distillates, are chemical products derived from petroleum. Some chemical compounds  made from petroleum are also obtained from other fossil fuels, such as coal or natural gas or renewable sources such as corn or sugarcane.
    Nigeria is paying a huge price for failing to develop its petrochemical industry. The country currently spends about N2 trillion annually to import petrochemicals, which are largely derivatives of oil refining processes. If we had adequately developed our capacity to produce these critical industrial products, they would have been abundantly available in the country and we would not need to commit huge funds to their importation.