Paul Obi, a Senior Advocate of Nigeria (SAN), has emphasised the need to revitalise Nigeria’s public refineries to mitigate the country’s current economic hardship.
According to Obi, the Federal Government should have activated at least one or two public refineries before removing fuel subsidy.
The lawyer said he believes this would have lessened the adverse economic impact currently being felt by Nigerians.
The oil and gas legal practitioner shared his views during an interview with newsmen following his conferment with the SAN title, alongside 86 others, at a ceremony in Abuja.
“It is good to deregulate because that would free funds for the government and promote healthy competition in the industry.”
“But essential infrastructure, like the Port Harcourt refinery, should have been functional before such changes were embarked on, Obi explained.”
Furthermore, Obi noted that while the establishment of the Dangote Refinery in the private sector was a positive development, having public refineries operational would have provided additional support to stabilise the sector.
“With one or two public refineries working alongside Dangote’s, Nigerians wouldn’t be experiencing the level of economic hardship we see today.
These refineries should have been operational before the deregulation took effect,” Obi emphasised.
He commended the government’s efforts to support the Dangote Refinery by supplying crude in naira, a move aimed at reducing pressure on the foreign exchange market.
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However, Obi reiterated that a functioning public sector presence in the refining industry would have significantly eased economic challenges, reduced fuel prices, and boosted competition.
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