Oil Marketers Advocate Refinery Privatization and CNG Investment

[toluwalopesong]

Oil Marketers Advocate Refinery Privatization and CNG Investment

Oil marketers in Nigeria have urged the federal government to prioritize the privatization of the nation's refineries and channel significant investments into compressed natural gas (CNG) infrastructure. This call comes as stakeholders in the energy sector seek sustainable solutions to Nigeria's persistent fuel challenges and the global push for cleaner energy sources.

Speaking at a recent stakeholders' meeting, the marketers emphasized that privatizing the refineries would enhance efficiency, reduce operational losses, and attract private sector expertise and funding. They argued that the government's continued management of refineries has proven ineffective, with billions of naira spent on rehabilitation yielding minimal results.

In addition to refinery privatization, the marketers highlighted the need for increased investment in CNG as an alternative fuel. CNG, they noted, is cost-effective, environmentally friendly, and readily available in Nigeria. Expanding CNG infrastructure, including refueling stations and conversion kits, would not only reduce the nation's dependence on petrol but also align with global energy transition goals.

"Privatizing the refineries and investing in CNG infrastructure are critical steps towards achieving energy security and economic stability," a spokesperson for the marketers stated. They further called on the government to create policies that incentivize private sector participation and ensure the affordability of CNG for end users.

As Nigeria continues to grapple with fuel subsidy removal and fluctuating global oil prices, these proposals could serve as a blueprint for a more resilient and sustainable energy sector.