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Ajayi-Kadiri, MAN D-G to FG: Sell Warri, P’ Harcourt Refineries, others now

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…Says they’re draining economy

Director-General of Manufacturers Association of Nigeria, MAN, Segun Ajayi-Kadiri, has urged the federal government to fully privatise the country’s state-owned refineries, describing them as drain on the nation’s economy.

Ajayi-Kadiri, who stated this in an interview on Channels Television’s  Politics Today programme on Tuesday night, said government should hand over the Port Harcourt, Warri, and Kaduna refineries to the private sector for efficient management and productivity.

“If you ask me, the government should just sell these refineries. Give them to private sector people who will run them efficiently and be able to deliver. When something belongs to everybody, it belongs to nobody,” Ajayi-Kadiri said.

Recall that the federal government had begun efforts in 2024 to revive its four state-owned refineries, with the old Port Harcourt and Warri refineries partially restored, while rehabilitation continued on the second Port Harcourt unit and the Kaduna refinery.

However, the MAN DG lamented that the continued government ownership of the facilities had not only proven ineffective but also unfair to the people, especially in a country brimming with capable entrepreneurs.

He said:  “Those four refineries are a pure drain on the Nigerian economy, and it is not fair to the Nigerian people.

‘’We should have a situation where we are able to speak truth to ourselves and encourage private sector investment.’’

Ajayi-Kadiri insisted that a fully privatised model would reduce corruption and promote accountability in the energy sector.

“It’s our natural endowment. We are the sixth-largest producer of crude oil in the world, yet we suffer. I can tell you that if you completely go private, it will be difficult for anyone to steal.

“It will be difficult for anybody to be unaccountable. It will be difficult to keep having insinuations of massive fraud,’’ he added.

On what single reform could best support manufacturers, Ajayi-Kadiri called for total privatisation of all public refineries and greater investment in power infrastructure.

“The government should completely privatise all the other refineries. They should ensure that the ‘naira for crude’ policy is sustainable, adequately funded, and supported.

‘’Also, we need to address the incompetent distribution companies (DisCos) and drive investment into the power sector to guarantee supply,” the MAN DG stated.

On concerns about market monopoly, with the emergence of Dangote Refinery, the MAN DG dismissed such fears, saying competition remained viable.

He said:  “I do not subscribe to the view that we are creating a monopoly. Those four other refineries are potential competitors. We’ve been told that one is working, then again told that it’s not. Give them to people who will ensure they actually work.’’

Speaking on the outlook for fuel prices, following subsidy removal, he defended the policy, stating it was necessary to avoid an economic collapse.

“If Nigeria didn’t stop the subsidy, the subsidy would have stopped or killed us,” he said.

He added that manufacturers are optimistic about price stability in the sector, hinting at a possible reduction in petrol prices.

“It is going to be better. I see the price coming down to N800, and that is what manufacturers want,” the MAN DG said.

He also stressed the need to tackle insecurity across the country which, he described, as a growing disincentive to investment.

Ajayi-Kadiri further revealed that manufacturers spent over  N2 trillion on alternative energy in 2023 alone due to unreliable power supply.

According to him, this cost directly impacts the final price of goods and hinders industrial productivity.


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Michael Tanyare Professionally known as Starmich is a talented and accomplished individual with a passion for excellence. With a strong background in writing, Michael has established himself as a respected professional in the blogging industry. Beyond his professional endeavors, Michael is known for his diverse range of interests. He is an avid online journalist, which further showcases his well-rounded personality and passion for exploring new horizons. Michael's commitment to continuous growth and learning is evident in his pursuit of excellence. This drive allows him to stay at the forefront of emerging trends and maintain a competitive edge in his field. With a warm and approachable demeanor, Michael is highly regarded for his strong communication skills and ability to connect with others. He thrives in collaborative environments and enjoys building meaningful relationships with colleagues and clients alike. In his free time, Michael enjoys surfing the internet. This balance between his professional and personal life reflects his belief in leading a fulfilling and well-rounded lifestyle. With a proven track record of success and a genuine passion for his work, Michael Tanyare continues to make a significant impact in his field. His dedication, expertise, and personable nature make him a valuable asset to any project or team."

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