With the announcements last week of global major businesses from aviation pharmaceuticals, oil and gas weighing the sale of their gas fields and seeking to close their business operations in Nigeria, there is no better time than now for the country to restructure the economy by enhancing local refining capacity through state government-owned refineries and major infrastructure concession.
With the shaky health of the leader intricately intertwined with the economic health, it is more so in a delicately fragile union of the nation called Nigeria. Years after, the pump price has risen astronomically and later on, Independent Petroleum Marketers Association of Nigeria caused the government to increase fuel price from an inconvenient N87 per litre to its present harrowing N145 per litre.
Nigeria, as an import-dependent country, cannot suddenly ban the importation of the principal goods being generally consumed in the country. Hence, the government policy on importation though with the best intention seems to have wreaked more havoc on the economy and ought to be reviewed. While some of the affected manufacturers have relocated to neighbouring countries, according to Manufacturers Association of Nigeria, as at 2016, at least 222 small-scale businesses have closed shops, leading to 180,000 job losses. It is however unthinkable what the figures would be now, if an audit was done.
Immediate diagnosis of the continued importation of refined petroleum products includes exporting hundreds of thousands of lucrative refining employment opportunities, by keeping the foreign refineries busy, massive amounts of money wasted monthly on fuel subsidy payments, scarcity of petrol every now and then, causing unwarranted hardship on Nigerians, and waste of valuable manpower resources.
The involvement of the private sector concessionaires will bring in the needed capital as well as the expertise in efficient operation and management devoid of corruption, politics, favouritism, nepotism and other such tendencies associated with public sector approach to business. Ojiegbe believed each state government, together with their concessionaires/operators will decide how much they will sell the products of their own refineries within their state, regulated by the federal government to determine the maximum refining margins allowed. “The federal government will not be part of the pricing decision and will not subsidise any of the refineries,” he noted.
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