In News by Oluwaseun Samuel on the 22nd, September, 2020

“Authorities Has No Enterprise Operating Refineries” -Vice-President, Osinbanjo

“Government Has No Business Running Refineries” -Vice-President, Osinbanjo

Osinbajo

Prof. Yemi Osinbajo

The Vice President of Nigeria, Prof. Yemi Osinbajo, has stated the issues affecting the Nigeria’s refineries will persist if the Federal Authorities continues to personal and run them.

Osinbajo in a digital assembly organised for the All Progressives Congress bloggers and social media influencers on the APC Nationwide Secretariat, in Abuja, on Monday, September 21, stated that have has proven that refineries had been higher managed by the personal sector than the federal government.

Therefore, there’s want for the federal government to limit itself to offering the regulatory framework for such companies to thrive slightly than to handle the refineries.

He stated, “If the refinery is left within the arms of the federal government, it’ll proceed to expertise the identical drawback it’s experiencing now. I don’t suppose that it’s the enterprise of the federal government to run the refinery. It ought to be the enterprise of the personal sector, which is why we are attempting to give attention to helping the personal sector to develop modular refineries.”

Osinbajo Added that;

“There’s a 100,000-barrel capability refinery about to return on stream and we hope it’ll by the subsequent yr. It’s fully personal and intently situated close to the Port Harcourt refinery in order that it will probably share the amenities of the Port Harcourt refinery. We’re hopeful it’ll come on stream within the first quarter of subsequent yr.

“There are additionally six modular refineries which might be virtually prepared. There may be Niger Delta Petroleum refinery in Delta state, there’s one other one in Imo, there’s additionally one other modular refinery in Edo State.

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“We engaged the oil-producing communities to discover a new imaginative and prescient for the Niger Delta and we tried to encourage modular refinery that may give the folks within the oil-producing states a stake in order that the modular refinery is not only personal however the folks there have some stake and fairness.

“The entire thought is to help as many personal refineries as potential. We’re additionally ready for the Dangote Refinery with 250,000 barrels capability which is greater than the entire authorities refineries put collectively.

“Within the subsequent two or three months, we’ll see the personal sector enjoying an even bigger function and issues will rapidly enhance. We hope that this specific effort will full the refurbishment of the refineries which shall be accomplished quickly however I’m extra hopeful of the personal effort been the important thing to the longer term.”

Osibanjo stated it was time for the nation to do extra to develop its fuel and renewable power sources that are cheaper and cleaner and that there’s a entire numerous concepts to help personal refineries as potential.

 

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