Strong indications have emerged that refinery licensees in the country are wary of making further investments in the refining of premium motor spirit
This is far more than Nigeria can consume going by official figures, which puts Nigeria’s daily consumption at between 50 to 60 million litres of petrol per day.
On whether such licencees risk sanctions, Osu responded, “the issue of sanction does not arise in this matter because whatever you choose to refine is purely your economic and business objectives”. According to Yusuf, the business model would therefore be shaped by the prevailing regulatory, policy and competitiveness environment.
On his part, Elder Chinedu Okoronkwo, National President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, said the fears expressed by modular refinery licencees are unfounded.“We should not limit our capacity to local consumption. The West African countries need the product so we should eye export of petrol rather than abandoning projects that can help Nigeria generate foreign exchange, create job opportunities and build capacity”.
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