The Democratic Front (TDF) welcomes with joy and a renewed sense of patriotism Bloomberg’s report and analysis on the 8-year record decrease in Nigeria’s petroleum products importation index, on account of the increase in domestic refining of petroleum products by indigenous Refineries.
In a statement jointly signed by Mallam Danjuma Mohammed and Chief Wale Adedayo, TDF says: It is a known fact that the failure of previous regimes in Nigeria to encourage domestic refining of petroleum products exposed the nation to decades of wasteful expenditure on petroleum importation amounting to billions of dollars.
“Indeed, the nation was deprived of meaningful development, as the billions of dollars made from the sales of crude oil were utilized to import petroleum products into the country.
Economic stagnation, high unemployment rate, lack of productivity, monumental corruption, and insecurity were part of the prices the nation paid for its misplacement of economic priority.
“It is this catastrophic economic decision that dragged the country’s economy to the brink of collapse, which made President Bola Ahmed Tinubu’s reforms an inevitable necessity for national survival.
“Our assessment in The Democratic Front has shown that in less than two years, the implementation of Tinubu’s far-reaching economic reforms has changed Nigeria’s socio-economic fortunes for the better.
“The huge plunge in Nigeria’s petroleum products importation to an 8-year low has ensured that a significant amount of foreign exchange is conserved within the economy to create jobs and also boost productivity. Similarly, it has enhanced the stability and consistent firming of the Naira.
“It is for this particular reason that The Democratic Front decided to espouse the projections of Bloomberg on the enormous economic gains that await Nigeria if the declining trend in the rate of petroleum products importation into the country continues in the months ahead.
“If the Dangote, Port-Hacourt and Warri refineries continue to ramp up production of refined petroleum products, with the possibility of being joined by the upcoming Bua and Kaduna refineries, Nigeria would have saved an estimated annual $10 billion on petroleum products imports, by establishing its self-sufficiency in petroleum products and dominating the lucrative African market. This goes a long way to Pave the way for the country’s eventual emergence as the new global economic power from Africa.
We commend, therefore, the economic reforms of the Tinubu administration for showcasing Nigeria’s potential in crude oil distillation to the outside world.
“The surge in the number of refineries currently operating in Nigeria, coupled with the government’s efforts to create a very conducive business environment, will make the country a major crude oil refining hub in Africa
We also thank President Bola Ahmed Tinubu for refusing to adopt the official position of the three past PDP regimes, with regard to the In-Country refining of petroleum. We recall that the PDP governments had told Nigerians, and indeed the world, that it was better to expend the money earned from the sales of Nigeria’s crude oil, to import refined petroleum products into the country than to distill the crude domestically.
“Contrary to this embarrassing position, and the expectations of naysayers of this administration, President Bola Ahmed Tinubu is fast transforming Nigeria from being a major consumer of imported petroleum products to becoming a net exporter of refined petroleum products.
“This remarkable feat by the President deserves the appreciation and commendation of every well-meaning citizen of Nigeria, the TMSG conluded.
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