In line with its deregulation of the country's downstream oil industry, Nigeria is inviting bids to build independent oil refineries.

The new private refineries' licensing programme is aimed at reducing the country's dependence on imported fuel. According to guidelines, prospective refinery operators will first have to pay a non-refundable us $50,000 application fee, followed by another us $50,000 for procuring a preliminary licence.

The Nigerian National Petroleum Corporation (nnpc) has failed to meet the the petrol demand of Nigeria and so the country was forced to import motor fuel at a loss.

Now with the private oil refineries, it is hoped that fuel shortages existing in the country will end.