KEY POINTS
- Energy experts have told the Federal Government to work closely with credible investors to speed up fixing the country’s refineries.
- This follows news that NNPCL is talking with Chinese firms about a deal to repair and run the oil plants.
- Experts say bringing in capable partners will provide the skills and money needed without putting pressure on government funds.
- Fixing the refineries locally will help Nigeria stop relying on imported fuel and help keep prices steady.
MAIN STORY
Energy experts are advising the Federal Government to partner with experienced investors to get Nigeria’s refineries back on their feet. Speaking in Lagos on Monday, the experts said that working with partners who have the right technical skills is the best way to grow local fuel production.
This comes after the Group CEO of NNPCL, Mr. Bayo Ojulari, mentioned that the company is in talks with Chinese firms to help fix and manage the refineries.
Dr. Ayodele Oni, an energy expert, said the plan is a good step. He explained that such a deal would bring in better ways of working without the government needing to spend a lot of money. Oni noted that in the past, huge sums were spent on repairs, but the results did not really improve how much fuel was produced. He believes that letting partners own a part of the business will bring in global best practices and help keep fuel prices stable over time.
Another expert, Dr. Joseph Nwakwue, added that finding the right partners with the money and technical know-how is very important for the country. He said it is in everyone’s interest for the state-owned refineries to work perfectly. Mr. Moses Igbrude of the Independent Shareholders Association also agreed, saying that these kinds of partnerships are common all over the world. However, he told the government to keep a close watch on the deals to make sure everything is clear and that Nigeria’s interests are protected.
WHAT’S BEING SAID
- “It is worth exploring because the NNPCL… might not need to spend its own funds on the deal,” said Dr. Ayodele Oni.
- “I hope the talks will bring in the right partners with the financial strength and technical skills to run the refineries well,” noted Dr. Joseph Nwakwue.
- Mr. Moses Igbrude called it a “practical option” but warned that authorities must “keep a close eye on things.”
WHAT’S NEXT
- NNPCL is expected to share more news on the talks with the Chinese firms very soon.
- People are waiting to see which refinery—Port Harcourt, Warri, or Kaduna—will be the first to start this new partnership.
- The government may also give more details on how private investors can safely join in managing these national assets.
BOTTOM LINE
The Bottom Line is that experts believe the government should not try to fix the refineries alone. By opening the door to the right international partners, Nigeria can finally turn its old oil plants into working machines that produce cheap fuel for everyone.
