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Vice President Yemi Osinbajo says government should not be in the business of running refineries.
Osinbajo said if the government continues to run the refineries, the problem it is currently facing would also persist.
The Vice President stated this at a virtual meeting organised for the All Progressives Congress (APC) social media bloggers and influencers on Monday.
“If the refinery is left in the hands of the government, it will continue to experience the same problem it is experiencing now. I do not think that it is the business of the government to run the refinery. It should be the business of the private sector, which is why we are trying to focus on assisting the private sector to develop modular refineries,” he said.
Osinbajo further revealed that six oil refineries that are near completion in Edo, Imo, Rivers, Delta and Lagos will soon commence operations.
He added that the refineries will be managed by private investors and expressed optimism that the energy crisis in Nigeria will be resolved in the first quarter of 2021.
“There is a 100,000 barrels per day capacity refinery about to come on stream and we hope it will by the next year. It is completely private and closely located near the Port Harcourt refinery so that it can share the facilities of the Port Harcourt refinery. We are hopeful it will come on stream in the first quarter of next year,” he said.
“There are also six modular refineries that are almost ready. There is a Niger Delta Petroleum refinery in Delta state, there is another one in Imo, there is also another modular refinery in Edo state.
“We engaged the oil-producing communities to find a new vision for the Niger Delta and we tried to encourage modular refinery that will give the people in the oil-producing states a stake so that the modular refinery is not just private but the people there have some stake and equity.
“The whole idea is to support as many private refineries as possible. We are also waiting for the Dangote Refinery with 250,000 barrels capacity which is bigger than all of the government refineries put together.”
Continuing, he said, “In the next two or three months, we will see the private sector playing a bigger role and things will quickly improve. We hope that this particular effort will complete the refurbishment of the refineries which will be completed soon but I am more hopeful of the private effort been the key to the future,” he said.
“However, we have to focus more on our gas resources because there is no reason we should have a cheaper energy source and we should not use such cheaper energy sources. I believe that this is really the way to go.”