Expert urges Nigerian government to build new refineries

A former director of research at the Central Bank of Nigeria (CBN), Titus Okunrounmu, has advised the federal government to construct additional refineries to strengthen Nigeria’s petroleum sector.

Okunrounmu made the recommendation while speaking with journalists in Ota, Ogun State, on Sunday.

He said establishing more refineries would help the country better manage international disruptions in the oil market, such as the geopolitical tensions currently affecting the Middle East.

According to him, having more domestic refining capacity would enable the government to respond effectively to global crises that could affect fuel supply and pricing.

Okunrounmu also commended Aliko Dangote for establishing the Dangote Refinery, describing it as a major project that has helped stabilise petrol prices and improve fuel availability in the country.

He noted that without the refinery, petrol prices in Nigeria could have risen far higher than current levels.

Need to repair existing facilities and support Dangote refinery

The former CBN official also urged the government to rehabilitate some of Nigeria’s existing refineries while ensuring transparency and accountability in the petroleum industry.

He said improved management of the sector would boost government revenue and provide funds that could be invested in other areas of the economy.

Okunrounmu added that resources generated from the petroleum sector could support development in key sectors and create employment opportunities.

He further appealed to the government to ensure a steady supply of crude oil to the Dangote refinery so that it can operate at full capacity and reduce the country’s dependence on imported petroleum products.

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