Random Ads
Content
Content
Content

Tinubu should end petrol import Racket, prioritise local refining –Expert

1 week ago 25

Energy expert, Dan Kunle, has called on President Bola Tinubu to take decisive action against the continued large-scale importation of petrol and diesel by the Nigerian National Petroleum Corporation (NNPC) Limited and certain marketers, despite the operational capacity of the Dangote Petroleum Refinery to meet domestic demand. He described the practice as an economic sabotage that undermines Nigeria’s energy security and self-sufficiency.

Recent reports reveal that in just four months, NNPC and oil marketers spent a staggering N5.5 trillion on fuel imports—an alarming trend at a time when the country boasts one of the most advanced refineries in Africa.

Speaking on Arise TV on Sunday, Kunle likened the influx of imported fuel to the infamous Cement Armada scandal of the 1970s, when an excessive number of cement-laden ships congested Nigeria’s ports for years due to poor planning and corruption.

“I expected a transition after the Federal Executive Council’s decision in October 2024 to allocate local crude oil to domestic refineries, with Dangote Refinery playing a central role due to its technical and production capacity. But instead, what we have is an Import Armada—a relentless flood of imported fuel. The scale of importation is baffling. What’s the motive? Is this an attempt to frustrate Dangote Refinery? Is someone trying to introduce substandard fuel into Nigeria? This is a racket, and the President must act to put an end to it,” Kunle warned.

He expressed disappointment that despite clear presidential directives, regulatory agencies continue to allow massive importation of fuel, showing blatant disregard for government policies.

“It makes no sense for Nigeria to continue importing fuel when even developed economies like the United States protect their domestic industries to strengthen their economies. Dangote Refinery has the capacity to provide energy security—something our regulatory authorities have neglected for decades,” he said.

Kunle urged President Tinubu to demand a transition timetable from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other relevant agencies, outlining a clear pathway for Nigeria to move from fuel imports to self-sufficiency and exports.

“The Dangote Refinery is not just a private investment; it is a strategic national asset. There is no need for unnecessary legal battles or bureaucratic bottlenecks. The federal government should take charge. If the president remains passive, it will harm the country. No investor will put money into an economy where a $20 billion refinery is being sabotaged.

The real enemies of Nigeria are those profiting from imports at the expense of our economy,” he asserted.

Kunle further emphasised that with Dangote Refinery operating at 550,000 barrels per day (bpd) and the reported revival of the Port Harcourt and Warri refineries, Nigeria should be on a clear trajectory to energy independence and becoming a net exporter of refined petroleum products.

He called for urgent government intervention to remove all obstacles hindering Dangote Refinery’s full operation, stressing that a robust local refining sector is key to stabilising Nigeria’s economy, reducing foreign exchange pressure, and ensuring energy security.

Read Entire Article