The Speaker of the House of Representatives, Tajudeen Abbas, has called for the privatization of Nigeria’s national refineries, emphasizing that it has become evident that certain businesses are better managed by the private sector.
Abbas made this assertion during a meeting on Thursday with the management of the Nigerian National Petroleum Company Limited (NNPCL), led by the Group Chief Executive Officer, Mele Kyari, in Abuja. He stressed that the government’s inability to efficiently run some businesses has become apparent, and it is time to end the deception.
The Speaker suggested that the privatization should be executed before the Dangote refineries become operational. He expressed the belief that the presence of Dangote refineries would highlight the inadequacies of government-run refineries, and competition would expose inefficiencies.
Abbas criticized the state of the national refineries over the past two decades, describing their condition and activities as shameful. He highlighted the need for workers to be actively engaged, suggesting that the refineries should have multi-dimensional uses.
While acknowledging the decades of losses in the refining sector, Abbas emphasized the importance of finding ways to privatize the refineries. He urged the NNPC Limited to include privatization as a cardinal objective and to explore ways to make the refineries competitive in the face of new entrants.
During the meeting, the NNPCL boss, Mele Kyari, assured that the nation’s refineries would gradually resume operations by December 2023. He further stated that by the end of 2024, Nigeria aims to achieve self-sufficiency in fuel production, putting an end to the need for fuel imports. The announcement aligns with the ongoing efforts to enhance the domestic refining capacity and reduce dependence on imported petroleum products.
