Private sector will be the best in running our refineries, says Vice President

Yemi Osinbajo, vice president of Nigeria, has stated that the government has no business in running the refineries in the country. The vice president made this known on Monday, September 21, during a virtual conversation with All Progressives Congress (APC) social media bloggers and influencers. 

According to him, only private sectors and investors can manage the operation of the refineries, adding that the problems with the government-owned oil refining machines will continue if private individuals do not take over. 

Osinbajo also claimed that the government would ensure policies that would create a secure atmosphere for the refineries to be taken over by private bodies. The vice president, who lamented the global oil crisis, posited that the federal government will always encourage private refineries.

“If the refinery is left in the hands of the government, it will continue to face the same problem it is experiencing now. I do not think it is the government’s business to run a refinery. It should be a private sector company, which is why we are trying to concentrate on helping the private sector grow modular refineries.”

“There is a 100,000 barrel capacity refinery about to come on stream and we expect it will by next year. It is fully private and closely positioned near the Port Harcourt Refinery so that it can share the facilities of the Port Harcourt Refinery. We are hopeful that in the first quarter of next year it will come on line,” said Osinbajo.

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