Petroleum marketers have backed President Bola Tinubu’s efforts to revive Nigeria’s three major state-owned refineries, rejecting former President Olusegun Obasanjo’s view that the facilities may never become viable again.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN) said they remain confident that the Port Harcourt, Warri and Kaduna refineries can be restored to profitable operations.
PETROAN President Billy Gillis-Harry said Nigeria should not abandon strategic national assets because previous rehabilitation programmes failed. He argued that the age of the refineries was not enough reason to give up on them, provided the government adopts better financial management and engages competent technical partners.
President Tinubu recently reaffirmed his commitment to reviving the refineries, stressing that simply restarting production would not be enough.
According to Tinubu, the real measure of success would be whether the refineries operate efficiently and profitably.
> “The refineries you mentioned are going to come back to work,” Tinubu said, while adding that their operation must ultimately “yield the value for which it is built.”
Obasanjo, however, has repeatedly argued against continued government ownership and operation of the refineries. He has advocated public-private partnerships, citing the Nigeria Liquefied Natural Gas project as an example of a successful model.
The former president also recalled that his administration had approached Shell to operate the refineries, but the company declined, citing issues including the plants’ small capacity, poor maintenance and corruption.
Obasanjo further claimed that Nigeria had spent about $16bn on the refineries over the years, describing the expenditure as being only about $4bn less than the cost of constructing the much larger Dangote Refinery.
Despite these concerns, Gillis-Harry said the latest rehabilitation effort could succeed because the financial and management structure is different from previous arrangements.
IPMAN National Vice President Hammed Fashola also backed Tinubu, saying the current approach is more transparent and involves a consortium of engineers that would reportedly provide funding and take a controlling role in managing the facilities.
However, energy expert Dan Kunle disagreed with the marketers. He argued that the government should stop spending public funds on the old refineries and instead privatise them.
Kunle maintained that even if the facilities resume production, profitability would remain a major challenge.
The debate leaves the Tinubu administration under pressure to demonstrate that the latest rehabilitation programme will succeed where previous attempts failed—and that Nigeria’s refineries can become commercially viable rather than continue consuming public funds.
.jpeg)
.jpeg "Sunayen kofofin aljanna guda takwas 8")
0 Comment about the Post: