By DAYO ADESULU
Energy Crisis: The Need for Local Refinement Over Imports
Energy expert Dan Kunle has issued a stark warning to President Bola Tinubu regarding the ongoing petrol and diesel importation by the Nigerian National Petroleum Corporation (NNPC) Limited and various marketers.
Despite the capacity of the Dangote Petroleum Refinery to meet the country’s domestic fuel needs, this importation trend is seen as detrimental to Nigeria’s energy landscape.
Alarming Financial Figures: N5.5 Trillion Spent on Imports
Recent reports reveal that the NNPC and oil marketers have expended a staggering N5.5 trillion on petrol and diesel imports in just four months. This financial drain raises serious questions about the efficiency and sustainability of Nigeria’s energy policies.
Historical Parallels: A Modern-Day ‘Cement Armada’
During an appearance on Arise TV, Kunle compared the current petrol import situation to the infamous ‘cement Armada’ scandal of the 1970s, where an overwhelming influx of cement ships caused significant congestion at the ports. He expressed disappointment that, despite directives from President Tinubu and the Federal Executive Council to allocate local crude oil to domestic refineries, compliance remains alarmingly low.
A Call for Accountability: The Need for a Transition Timetable
Kunle emphasized that the ongoing importation of fuel undermines Nigeria’s potential for energy self-sufficiency. He urged President Tinubu to demand a transition timetable from relevant authorities, outlining a clear plan for Nigeria to shift from being a refined product importer to a net exporter.
Strategic National Asset: The Importance of Dangote Refinery
Recognizing the Dangote Refinery as a crucial national asset, Kunle highlighted its operational capacity of refining 550,000 barrels per day and producing high-quality fuel. He argued that the government should eliminate barriers to its operation rather than allowing legal disputes to hinder its progress.
The Path Forward: From Importer to Exporter
With the revival of the Port Harcourt and Warri refineries, Kunle believes Nigeria is on the brink of transitioning from reliance on imported oil to becoming a net exporter of refined petroleum products. He cautioned that neglecting domestic refining initiatives could deter future investments and harm the country’s economic prospects.
In conclusion, as Nigeria grapples with its energy challenges, the call for a decisive shift towards local refining and away from unnecessary imports has never been more urgent.
