Stakeholders have expressed serious concern over Nigerian refineries that are not functional. Out of 334 refineries worldwide, Nigeria is the only country among the Organisation of Petroleum Exporting Countries (OPEC) that has no active refinery.
Stakeholders have also expressed disappointment with the nationwide broadcast by President Bola Ahmed Tinubu, over hunger and hardship, noting that his broadcast did not address the root causes of the protest.
The director general and chief executive officer, Nigeria Employers’ Consultative Association (NECA), Mr Adewale-Smatt Oyerinde, warned the federal government against total collapse of real sector based on harsh business environment coupled with sustained protest of #EndBadGovernance.
According to Oyerinde “While we commend the president for addressing the nation on the protest and the many on-going efforts of the government to address the pains of Nigerians, we ask the government to also give urgent attention to myriads of contradictions bedeviling the private sector, to enable the economy open up and return to the path of rapid growth.”
Furthermore, Oyerinde noted that “with the current rate at which businesses are declaring losses, especially in the Real Estate Sector, the nation might be in for another round of business shutdown. A combined loss of over N533 billion by just four businesses in the sector in H1, 2024 calls for urgent action.”
Oyerinde pointed out that “with the current rate at which businesses are declaring losses, especially in the Real sector, the nation might be in for another round of business shutdown. A combined loss of over N533 billion by just four businesses in the sector in H1, 2024 calls for urgent action”.
Likewise, on his own part, the General Secretary of Federation Informal Workers of Nigeria (FIWON), Comrade Gbenga Komolafe, urged federal government to take drastic step and political will to make the nation’s refineries functional to save the country from importation of its own God’s-given natural resources.
According to Komolafe, “the country has been creating jobs for outsiders at the detriment of millions of jobless Nigerians by importation of its own products. The only way this country can start moving forward is by boldness and sincerity to stop further importation.”
From information gathered, Saudi Arabia has 5 refineries, Russia has 44, Kuwait has 2, Iran has 3, UAE 4, USA 129, China 32, Iraq 15,Canada 15, Venezuela 6, Algeria 5, Libya 5, Qatar 2, Norway 1, Mexico 6, Brazil 19, India 23, Angola 1, Oman 1, Indonesia 6, Kazakhstan 3 and Germany 16.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
