President Goodluck Jonathan says the federal government is willing to give licenses to private investors to set up refineries in Nigeria since the four existing refineries cannot meet the county’s needs.

Mr. Jonathan, who was speaking when he received a business delegation from Voigt Group, a Brazilian corporate communications company, at the State House on Thursday, also said that when the country has enough refineries operating, there would be no need to import refined products.

“Nigeria has four refineries, but their combined capacity does not meet the country’s needs, so we are willing to approve applications for refining licenses,” the president said.

The president equally told the delegation, which was led by Reuben Voigt, that Nigeria is still a green area in terms of investments, and that the government has opened up sectors of the economy, which were previously restricted to private sector investment.

Mr. Jonathan directed the Coordinating Minister of the Economy and Minister of Finance, NgoziOkonjo-Iweala, to hold discussions with the Voigt Group to explore areas of mutual cooperation. The Ministers of Housing, Trade and Investment, Power and FCT (State) also attended the discussions.

Earlier, Mr. Voigt had said they were donating 120,000 housing units to Nigeria over three years, adding that the Voigt Group was interested in investing in construction, housing, power plants, and petroleum refining and oil spillage clearing.