Different Crude oil investors in Nigeria has begun to cry out for the insufficient crude oil supply to the local market, calling it a major setback to foreign direct investments.
Okechukwu Nnodim has given more highlights on this significant role that the local industries play and the need for the government to send support that will help enhance mid and Downstream operators.
The poor supply of crude oil to the local refineries is one of the major reasons why they don’t get foreign Direct Investment in Nigeria’s oil and gas sector.
The oil and gas sector of Nigeria said that in the last eight years major investments were done by private investors, stating that the five functional refineries were developed by the private player.
The oil marketers and different refiners told some reporters that it is about time the government provide them with the necessary support for both midstream and Downstream operators in the country.
Eche Idoko, The Publicity Secretary, CORAN, pleaded with the government to treat indigenous refiners better because foreign investments were no longer coming into the sector.
He told the reporters that only private sector players in Nigeria were investing in the industry, also that for the past eight years, no major foreign investments had been recorded.
“If you listen to what Dangote said in his interview with CNN, he (Dangote) said Africa, which includes Nigeria, is waiting for Foreign Direct Investments that will help build structures, but this will not come. Rather, we should leverage locals like us to create these structures.
“They are talking about FDIs, now, how many such FDIs have come into Nigeria in the last eight years? I can tell you that most of the FDIs came from private arrangements and not government. Apart from the Nigeria Liquefied Natural Gas company’s deal, tell me one other deal by a government agency in the last eight years that has delivered.
“But within the last eight years, we’ve delivered four functional modular refineries and the Dangote refinery. So the point is that they should create an enabling environment and let’s bring the investments in,” Idoko stated.
Aliko Dangote during an interview on the 4th of June,2024. Stated that Africa was not growing due to several factors which includes the sales of our raw materials to the west and buying back same as finished product.
“Africa is not growing as it should because we export raw materials and import finished goods. It doesn’t matter what it is, even if it is gold or whatever, raw material is always priced at a ridiculous amount compared to finished goods,” Dangote stated.
“We will start making money soon. It is not about making money only, it also gives us great satisfaction that we are making Africa great,” the billionaire stated, as he revealed that the 650,000 barrels per day capacity refinery could absorb 21 million barrels of crude oil monthly.
“Almost 21 ships will no longer leave the African continent, either from Nigeria or Angola, we will be able to take the crude, refine and distribute the product. I feel very proud as an African that we have demonstrated that it can be done, and we’ve done it.
“If we take all the crude from Nigeria, it means we will take 21 million barrels per month and that will also help to reduce the CO2 emissions. Rather than ships coming from Europe to bring in products, or the ships going out of Nigeria, 21 ships going out of Nigeria every month, and then you have the product coming into Nigeria. In totality, when you calculate, you are talking about 480 ships of one million barrels,” he stated.
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