OpeOluwani Akintayo
02 March 2018, Sweetcrude, Lagos – Experts have faulted Federal Government’s move to construct new refineries, saying it would not be the solution to the challenges of crude oil refining in Nigeria.
The submission was made at the 2018 Aret Adam’s annual memorial lecture series held in Lagos on Thursday.
In his opening remarks, chairman of the lecture, former group managing director of the the Nigerian National Petroleum Corporation, NNPC, Dr. Jackson Gaius-Obaseki, said instead of focusing on constructing new refineries, government should rather enact policies that will drive the NNPC refining arm into profitability.
According to him, the right policies would encourage private investors.
“It is sad that the issue of refineries remains a topic of discussion in 2018. And this is largely due to operational challenges which has compelled the country to massively resort to importation of petroleum products.
“It is worth noting that availability of petroleum products contributes to economic stability.
“However, constructing new refineries will not solve the problem of crude refining in Nigeria but the right policies”, he said.
Corroborating Gaius-Obaseki’s stand on the year’s lecture theme, “Refineries in Nigeria: Challenges and Opportunities”, while delivering his lecture, past president, African Refiners Association and Managing Consultant, PEJAD Nigeria Ltd, Engr. Anthony Ogbuigwe, said government allowing private equity in ownership and operations of refineries in the country is imperative for development.
According to him, with good structures and policies on ground, a lasting solution to refining challenges will be found.
“Government should sell some of its stake in the refineries to private investors.
“The solution to the challenges is simply good structures and formulation of good policies”, he added.
