The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has asked President Bola Tinubu to approve the privatisation of the Port Harcourt refinery, saying it would drive efficiency, investment, and economic growth.
In a statement on Wednesday, Joseph Obele, PETROAN’s spokesperson, expressed disappointment with the Nigerian National Petroleum Company (NNPC) Limited’s decision to retain the refinery under its control.
“This isn’t good news. Plans to sell Warri and Kaduna refineries while keeping Port Harcourt under NNPC management are concerning, given NNPC’s history of corruption and favoritism,” he said.
Obele said private firms are more accountable and community-friendly, citing Indorama Petrochemical as an example.
Advertisement
He criticised NNPC’s handling of the country’s refineries, saying it had led to fuel scarcity, higher prices, and economic hardship, and added that its poor track record showed the need for reform.
According to him, privatising the Port Harcourt refinery would bring benefits such as increased productivity, investment, expertise, job creation, and better product supply.
He also listed a reduction in corruption, improved accountability, global competitiveness, and higher revenue for the government as reasons why the plant should be handed over to the private sector.
Advertisement
“The gains of privatisation would far outweigh the costs, and it is in the best interest of the community and the nation at large,” Obele said.
The spokesperson added that the host community is ready to welcome any private investor with full cooperation to ensure the refinery’s success.
