Dwindling oil prices: Experts urge govt to revive refineries, check importation

22 February 2015, Abuja – Three financial experts have urged the Federal Government to urgently revive the country’s refineries so as to cut the country’s dependence on importation of petroleum products.



They said functional refineries and an efficient tax system were needed in the short term to cushion effects of dwindling oil prices.

A don, Sam Goddorms of the University of Jos, said by-products from functional refineries would create wealth because most of the by-products were imported.

“We should in a short time quicken the infrastructure needs of the Niger-Delta sub region as they are potential customers of petroleum products,” he said.

The former Commissioner, National Insurance Commission, NAICOM, Mr Bailey Oladipupo, said government could also invest more in cotton production.

“Investing more in cotton production, in which we have a better comparative advantage, will turn the economy round in the long run.

“Focusing on some cash crops, where we have strength, is sacrosanct if the nation’s economy must develop,” he said.

The Chief Executive Officer, Precious Confectioneries, Lagos, Mrs Precious Aremu, said government should also encourage more Nigerians to venture into entrepreneurships.

“In spite of the number of Nigerians who are into entrepreneurships, more people are still needed to produce things that we often import.

“Government should sponsor young people to acquire skills on items which will add value to the economy.

“Learning new techniques of biscuit production can generate employment for many youths,” she said.

168 to the dollar on Nov. 25.

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