Nduka Obaigbena, Chairman of This Day/Arise Media Group, has urged the Nigerian government to prioritize the revitalization of the country’s four refineries in order to curb the existing monopoly in the oil market.
Speaking at a recent event, Obaigbena emphasized that fostering true competition within the sector requires the operationalization of all refineries, including those owned by the Nigerian National Petroleum Corporation (NNPC).
He argued that with all four refineries competing alongside private sector players like Dangote Refinery, Nigeria could achieve a level playing field, which would benefit the economy and reduce the dominance of any single player. “If the four NNPC refineries are working, we will have true competition,” he stated, stressing the importance of having a diverse and competitive refining sector.
Obaigbena also highlighted the need for comprehensive reforms within the industry, noting that the government’s role is crucial in ensuring that tariffs and policies protect local industries while encouraging growth.
He pointed out the potential risks of relying on a single refinery for national oil processing, warning that if Dangote Refinery fails, the entire country could suffer significant consequences.
The media mogul emphasized the ongoing reforms in the country, suggesting that despite challenges, the future of Nigeria’s economy could improve with the right approach. “We should support the reforms but ensure that the poor and vulnerable are protected,” he said, adding that the reforms should not come at the expense of the nation’s most disadvantaged citizens.
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Obaigbena also touched on global economic dynamics, referencing the recent re-election of Donald Trump in the United States and the potential implications of protectionist policies like tariffs.
He questioned whether Nigeria is ready to respond effectively to these global shifts, urging the country to focus on internal reforms and strengthen its own economy as a priority.
He concluded by calling for national unity and a collective effort to tackle the economic challenges facing Nigeria, stressing the need for a coordinated approach to building a sustainable and competitive economy.