Group Urges NNPCL to Prioritize Functionality of Local Refineries

[toluwalopesong]

Group Urges NNPCL to Prioritize Functionality of Local Refineries

A stakeholders' group has called on the Nigerian National Petroleum Company Limited (NNPCL) to focus on reviving the nation's local refineries as a critical step toward revitalizing the energy sector. During a recent forum, the group emphasized that functional refineries are essential for energy security and economic stability in Nigeria.
Highlighting the country's over-reliance on imported petroleum products, the group noted that this dependency places undue pressure on foreign exchange and contributes to the persistent rise in fuel prices. Restoring local refining capacity would reduce importation, stabilize domestic fuel supply, and potentially lower costs for consumers.
The group also underscored the role of functional refineries in job creation and technology transfer. Revitalizing these facilities would generate employment opportunities and enable the development of a skilled workforce, strengthening the local energy industry. Moreover, it would reduce Nigeria's vulnerability to external market shocks and geopolitical risks.
They called for transparency and accountability in NNPCL's operations, particularly concerning the ongoing efforts to rehabilitate the nation's four major refineries. Effective management, consistent funding, and adherence to timelines were identified as critical factors for success.
The group urged the government and private sector to collaborate in achieving these objectives. By ensuring that local refineries operate efficiently, Nigeria can create a sustainable energy ecosystem that benefits the economy, fosters development, and enhances the overall well-being of its citizens.