Daud Olatunji
In a recent interview on Channels Television’s Politics Today, former Secretary to the Government of the Federation and ex-Minister of Finance, Olu Falae, has passionately appealed to the federal government to take immediate action in repairing Nigeria’s refineries.
His recommendation includes subsequently selling these facilities to capable entities for more efficient operations.
“The government should repair and sell refineries to those who can run it. Crude oil is our national endowment and should be sold at the cost of production plus a little margin,” Falae asserted during the interview.
Emphasizing the significance of resolving the nation’s fuel-related challenges, Falae believes that refurbishing and recommissioning the refineries, coupled with a strategic sale to competent operators, could substantially alleviate Nigeria’s longstanding issues with fuel availability and pricing.
Expressing doubt in the government’s capacity to effectively manage the refineries, Falae remarked, “My belief is that Nigeria’s problem with fuel and its price will be substantially resolved when we are able to repair and recommission our refineries and sell them to those who can run them.”
Moreover, Falae dismissed the necessity for the President to double as the Minister of Petroleum, advocating for a separation of roles to enhance focus and efficiency in the petroleum sector.
“The federal government is incapable of running the refineries,” Falae asserted, pointing towards the need for a more dynamic and responsive approach to the management of critical national assets.
In addition to his concerns about the petroleum sector, Falae expressed distress over the state of the manufacturing industry in Nigeria.
He highlighted the nearly defunct nature of the sector, attributing its struggles to inadequate power supply.
“The manufacturing sector is almost dead in Nigeria… once power is inadequate, manufacturing will suffer.
Power is the most important thing affecting manufacturing,” Falae declared, shedding light on the pivotal role of stable and ample power supply in fostering industrial growth and sustainability.
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