Government Has No Business Running Refineries – Osinbajo
7 months ago Ogunsuyi Roland 0
Nigeria vice president, Prof. Yemi Osinbajo, has said the problems affecting the Nigeria’s refineries will persist if the Federal Government continues to own and run them.
Osinbajo in a virtual meeting organised for the All Progressives Congress bloggers and social media influencers at the APC National Secretariat, in Abuja, on Monday, September 21, said that experience has shown that refineries were better managed by the private sector than the government.
Hence, there is need for the government to restrict itself to providing the regulatory framework for such businesses to thrive rather than to manage the refineries.He said, “If the refinery is left in the hands of the government, it will continue to experience the same problem it is experiencing now.
I do not think that it is the business of the government to run the refinery. It should be the business of the private sector, which is why we are trying to focus on assisting the private sector to develop modular refineries.”
“There is a 100,000-barrel capacity refinery about to come on stream and we hope it will by the next year. It is completely private and closely located near the Port Harcourt refinery so that it can share the facilities of the Port Harcourt refinery.
We are hopeful it will come on stream in the first quarter of next year, he said