Oil entrepreneurs, underneath the auspices of the Petroleum Merchandise Retail Shops Homeowners Affiliation of Nigeria, have charged the Federal Authorities to privatise government-owned refineries, encourage competitors, improve transparency and accountability, and put money into 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 cut back authorities spending, Nigerian-owned refineries, such because the Warri and Kaduna refineries, must be privatised to respected non-public corporations.
“Foster a aggressive market by encouraging new entrants and selling a degree enjoying discipline 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 put money into important infrastructure and preventive upkeep, similar to refineries, pipelines, and storage services, to enhance the nation’s refining capability and cut 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.
“Non-public sector participation must be inspired to extend entry to funding and experience. Regulatory frameworks must be reviewed to scale back operational prices and entice funding. Stakeholder engagement and consciousness campaigns must be intensified to advertise the adoption of CNG.
“Collaborate with neighbouring nations to strengthen border safety and stop smuggling, and in addition utilise digital monitoring techniques to observe petroleum merchandise from refineries to shops.”
The doc added that, “To spice up Nigeria’s refining capability and cut 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 economic system and vitality safety. By prioritising native refineries’ entry to crude oil, Nigeria can unlock the total potential of its refining sector, drive financial progress, and improve vitality safety.
“PETROAN requests a grant of N100bn from President Bola Tinubu to assist stop the closure of 10,000 entrepreneurs’ companies. The request is in response to the specter of job losses that might consequence from the elimination of the gasoline subsidy.”