is working to reduce the price of petroleum products by
encouraging and working with private refineries and
reducing importation. Osinbajo, who is in the UK to sign
the Nigeria-UK solar energy agreement, told Bloomberg
in an interview...
"We are going to be unbundling the NNPC so that
its various components are effective core centres
and are able to do their business well. We are
going to have private refineries at the site of the
old refineries, so they can benefit from the
available infrastructure. So, we think that in the
medium term, we would be able to get cheaper
pump price, pump price of oil would be cheaper
because we would be importing far less refined
petroleum. A lot of that will be produced locally.
“Now, we have well over 30 modular refineries
licences, so we think a lot of modular refineries
would come. Many of them, their major concern
is feed stock, are we going to be guaranteed feed
stock? We are working on that. Once we are able
to deal with that, we feel we would substantially
be able to reduce pump price and get the whole
business of importation of refined petroleum and
the NNPC just getting directly involved in
business; we are going to reduce that. The
objective is to make the NNPC play more
regulatory function.
“They are options that are always there. But we
think that there are ways we can raise our own
potion of contribution to the Joint Ventures. It will
only be a last resort and we have not come
anywhere near that.” Osinbajo said
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