By Staff Reporter
President Bola Ahmed Tinubu has vowed to reposition Nigeria’s four state-owned refineries, declaring that the facilities will not be allowed to waste away under his administration.
Tinubu said the refineries must undergo a comprehensive structural and operational reset to make them productive and profitable, rather than merely operational.
The President, while speaking on the country’s energy sector, said his administration would adopt an evidence-based approach to resolving the long-standing challenges confronting the state-owned refineries.
According to him, the process would involve technical assessments, restructuring and improved management aimed at ensuring that the facilities deliver tangible economic value to Nigerians.
Tinubu said fixing the refineries remained a direct responsibility of his administration, noting that the government must take ownership of the challenges it inherited and find sustainable solutions.
He stressed that the ultimate objective was not simply to restart the refineries but to ensure that they operate efficiently and contribute meaningfully to Nigeria’s economy.
The President also defended his administration’s support for privately owned refineries, particularly the Dangote Refinery, saying private investment was essential to achieving national energy security and reducing dependence on imported petroleum products.
Tinubu described private investors as risk-takers who should be encouraged by government through appropriate policies and institutional support.
He said his administration had supported efforts to strengthen domestic refining capacity by facilitating licences and access to crude oil for private refineries.
According to him, ensuring adequate crude supply to domestic refineries would boost local fuel production, reduce dependence on imports and create opportunities for Nigeria to export refined petroleum products.
The President maintained that both state-owned and private refineries have important roles to play in transforming Nigeria’s petroleum industry.
He said the government would continue to pursue reforms designed to create a more productive, competitive and sustainable energy sector while ensuring that investments in refining capacity translate into economic benefits for the country.
