Sell All State-Owned Refineries Now – MAN DG Urges FG

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The Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadiri, has called on the Federal Government to fully privatise the country’s underperforming state-owned refineries, labelling them a “pure drain on the Nigerian economy.”

Speaking on Channels Television’s Politics Today on Tuesday, Ajayi-Kadiri insisted that the Port Harcourt, Warri, and Kaduna refineries should be handed over to private investors for efficient management.

“If you ask me, the government should just sell these refineries. Give them to the private sector to run efficiently. When something belongs to everybody, it belongs to nobody,” he said.

Despite ongoing rehabilitation efforts since 2024, the MAN DG argued that continued government ownership has been ineffective and unfair to Nigerians, especially given the country’s pool of capable entrepreneurs.

“Those four refineries are a pure drain on the economy. We must encourage private sector investment and stop deceiving ourselves,” he stated.

Ajayi-Kadiri emphasised that full privatisation would curb corruption and enhance accountability.

“If refineries are privately owned, it will be difficult to steal or mismanage funds. Nigeria is the sixth-largest crude oil producer, yet we suffer due to inefficiency,” he added.

While the Dangote Refinery has raised hopes for reduced fuel imports, concerns about a potential monopoly persist. However, Ajayi-Kadiri dismissed these fears, stating that privatised state refineries could foster healthy competition.

He also highlighted the need for improved power supply and security to support manufacturers, revealing that over ₦2 trillion was spent on alternative energy in 2023 alone due to unreliable electricity.

On fuel subsidy removal, he defended the policy as necessary to avert economic collapse but expressed optimism about price stability, predicting petrol prices could drop to ₦800 per litre.

“If Nigeria didn’t stop the subsidy, the subsidy would have killed us,” he said.

Ajayi-Kadiri urged the government to prioritise privatisation, power sector reforms, and security to revive Nigeria’s industrial sector.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled: Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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