Former Kogi acting governor urges FG to privatise Nigeria’s refineries


Former Acting Governor of Kogi State and member of the All Progressives Congress (APC) Board of Trustees (BoT), Chief Clarence Olafemi, has called on the Federal Government to liberalize crude oil refining in Nigeria.

This, he said, would encourage more private participation in crude oil refining in Nigeria.

He called on the Federal Government to withdraw from managing the refineries to completely eliminate corruption in the sector.

Speaking on the raging controversy trailing last Wednesday’s increase in pump price of fuel from N86.50 to N145 per litre, he called on the authorities to find a balance between reining in the excesses of the private players in the industry and complete deregulation.

He added: “The best option is to create massive private participation in local refining of crude oil by liberalising licensing. “The government has no business running a refinery. Otherwise we will only be transferring corruption from importation to maintenance/running cost.

“For example, if the government is directly invovled in cement manufacturing, we would not by now be where we are as a nation in being self sufficient in the product and conserving the huge foreign currency for importation of finished cement products. “Nigeria should quickly and hurriedly remove all obstacles on guidelines for owning a private plant and guaranteeing regular sales of crude to them at international market rate, and you will have a stable and competitive situation in the selling price.

“Mr. President can safe Nigeria from this perennial problem by focusing in this direction. “I want to believe some serious impediments still exist that is not attracting both local and international investors from jumping at the offer.

Source: The Na

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