Why Atiku wants to privatize FG refineries

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Atiku Abubakar, the presidential candidate of People’s Democratic Party (PDP) in the upcoming presidential election, explained why he wants to privatize Nigeria’s refineries.

According to him, privatization will help get the comatose but cash-strapped refiners into productive hands and ultimately ensure that Nigeria becomes a chemical refining hub.

The politician exposed it was Tuesday Lagos Business School Alumni Day 2022.

Reason for privatization: Atiku argued that the private sector suffers when it is not productive. Therefore, one way to start its productivity is to privatize non-productive assets.

  • “I will continue to privatize aspects of the Oil and gas sector in Nigeria until now, the moribund refineries are not functioning and yet we are funding them. I prefer to privatize them (Kaduna, Warri, Port Harcourt) and spend we without any production.

He noted that if Nigeria had privatized the refineries, they would have been producing by now because no private sector would buy a refinery and finance it while allowing it to be unproductive.

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  • “I will privatize them, so that Nigeria becomes the refinery center of West Africa, at the time the 3 government-owned refineries are operating and Aliko’s Refinery ( Dangote), has 4 refineries.”

If you missed it: Recall that the Federal Government recently spent the sum of $1.5 billion for the rehabilitation of the Port Harcourt Refinery, which they said would start operations soon.

In April 2021, the Nigerian National Petroleum Company (NNPC) Limited signed a contract with Tecnimont SpA, a subsidiary of Maire Tecnimont, for the rehabilitation of the Port Harcourt Refinery.

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In other news: Atiku also spoke of the need for constitutional review and reform. He emphasized that for Nigeria to remain one in the long run, there is an urgent need to review the constitution.

  • “Since our constitution is a product of the military administration, I want to state clearly, that I support the review of the constitutional arrangements to provide more powers and components for the regions, states, and local governments .”


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