The call for the Nigerian National Petroleum Corporation (NNPC) to revive its refineries comes in the wake of its recent decision to increase its stake in the Dangote Refinery, a move criticized by industry stakeholders. The Independent Petroleum Marketers Association of Nigeria (IPMAN) argues that the state-owned company should prioritize its operational refineries to bolster local production and reduce reliance on imports.
IPMAN’s National President, Chinedu Okoronkwo, stated, “Investing in Dangote Refinery may not address the immediate needs of the country’s fuel supply; reviving NNPC's refineries should be the priority.” This sentiment reflects a growing frustration among marketers who see the potential for domestic refineries to meet local demand and stabilize prices.
As Nigeria grapples with persistent fuel shortages and economic challenges, the emphasis on reviving NNPC’s infrastructure could serve as a catalyst for local economic growth. The government's ability to balance private investments with state-owned enterprise revival will be crucial in ensuring energy security and sustainability in the coming years. Without a strategic shift, Nigeria risks remaining vulnerable to fluctuating global oil markets.
