Oil entrepreneurs, below the auspices of the Petroleum Merchandise Retail Retailers House owners Affiliation of Nigeria, have charged the Federal Authorities to privatise government-owned refineries, encourage competitors, improve transparency and accountability, and spend money on infrastructure to enhance operations within the downstream sector of the petroleum business.
They particularly requested for the privatisation of the 125,000 barrels per day Warri and Kaduna refineries.
The entrepreneurs additionally known as on the federal government to implement native content material improvement, improve the effectiveness of Compressed Pure Fuel in 2025, and deal with petroleum merchandise smuggling.
The merchants additional requested the federal government to prioritise entry to crude oil and supply an N100bn grant to rescue 10,000 companies affected by subsidy elimination.
PETROAN made the demand in its 2024 retrospect and outlook for 2025 doc launched on Saturday in Abuja.
The report was signed by its Nationwide President, Dr Billy Gillis-Harry, Nationwide Secretary, Barr Adedibu Aderibigbe, and Nationwide Public Relations Officer, Dr Joseph Obele.
PETROAN listed its suggestions to consolidate positive factors within the downstream sector, stressing that privatisation will enhance effectivity and restrict authorities spending.
The doc learn, “Primarily based on PETROAN’s observations, the next suggestions are made to make sure the effectiveness and effectivity of the downstream sector in 2025:
“Privatisation of Nigerian-Owned Refineries: To enhance effectivity and scale back authorities spending, Nigerian-owned refineries, such because the Warri and Kaduna refineries, needs to be privatised to respected personal corporations.
“Foster a aggressive market by encouraging new entrants and selling a stage enjoying area to stop monopolies and guarantee honest pricing.
“Set up a strong monitoring and analysis framework to trace the efficiency of downstream operators and guarantee compliance with regulatory necessities.
“Proceed to spend money on important infrastructure and preventive upkeep, akin to refineries, pipelines, and storage services, to enhance the nation’s refining capability and scale back reliance on imported petroleum merchandise.
“Encourage the event of native content material by supporting indigenous corporations and offering incentives for analysis and improvement within the downstream sector.
“Personal sector participation needs to be inspired to extend entry to funding and experience. Regulatory frameworks needs to be reviewed to scale back operational prices and appeal to funding. Stakeholder engagement and consciousness campaigns needs to be intensified to advertise the adoption of CNG.
“Collaborate with neighbouring international locations to strengthen border safety and forestall smuggling, and in addition utilise digital monitoring programs to watch petroleum merchandise from refineries to shops.”
The doc added that, “To spice up Nigeria’s refining capability and scale back reliance on imported petroleum merchandise, we strongly suggest that crude oil be made out there for native refineries.
“This strategic transfer will positively influence the nation’s financial system and vitality safety. By prioritising native refineries’ entry to crude oil, Nigeria can unlock the complete potential of its refining sector, drive financial development, and improve vitality safety.
“PETROAN requests a grant of N100bn from President Bola Tinubu to assist forestall the closure of 10,000 entrepreneurs’ companies. The request is in response to the specter of job losses that will consequence from the elimination of the gas subsidy.”
