A socio-economic pressure group, the Conscience of the Nation, has urged the Federal Government to continue supporting the establishment of more local refineries in Nigeria.
The group emphasized that the emergence of more local refineries would reduce reliance on imported fuel, create jobs, and stimulate economic growth.
The Conscience of the Nation made this call on Monday while commending President Bola Tinubu and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for implementing policies that led to the reduction in fuel prices.
In a statement signed by Comrade Gideon Unazi, the group stressed the importance of having more local refineries like the Dangote Refinery, which would eliminate Nigeria’s petroleum import requirement and bolster the country’s current-account position and foreign-exchange reserves.
“The establishment of more local refineries will not only reduce Nigeria’s reliance on imported fuel but also create jobs and stimulate economic growth,” the statement said.
The group lauded Tinubu and the NUPRC for the recent drop in fuel prices, noting that the development has brought relief to Nigerians, especially during the holy month of Ramadan.
With the price reduction, Nigerians can now afford to transport food, goods, and services at a lower cost.
The drop has also led to a decrease in the cost of food and other essential commodities, making it easier for Nigerians to observe Ramadan without financial burden.
The statement added that the NUPRC’s strategic and transparent approach and reforms at the upstream level have ultimately led to the reduction in fuel prices.
The Commission has demonstrated its commitment to regulating the industry, fostering growth, and avoiding arbitrary actions that could hinder investments.
“In January, the NUPRC outlined a five-point agenda aimed at increasing oil production in 2025.
“Key initiatives include boosting production by one million barrels, enhancing transparency and accuracy in hydrocarbon measurement, digitalizing upstream regulatory activities, optimizing unit costs per barrel, and conducting licensing bid rounds to revitalize non-performing assets.
“Furthermore, significant regulatory actions have been put in place to enforce compliance with the Domestic Crude Supply Obligation (DCSO),ensuring a consistent supply of crude oil to domestic refiners,” the statement said.