……Caution those opposing it
The Online Reporters Association of Nigeria has commended the Federal Government on the approval of rehabilitation of the Port Harcourt Refinery
In a release signed by its Chairman, Adewole Kehinde and Secretary, Ogbonna Juliana, ORAN said that the Port Harcourt refinery is a National Asset with indisputable economic and national strategic importance.
“It was primarily built to boost the nation’s petrochemical production and supply capacity and create a downstream value chain that will trigger economic development and increase national wealth.
“The $1.5billion investment in the Port Harcourt refinery is a lot of money but it will be money well-spent. This is a thoughtful and serious-minded Government that enjoys popular support because it has a track record for transparency and accountability.
“Nigeria enjoys a comparative advantage in the oil and gas sector, and this justifies investments that will increase capacity and earnings. There is no doubt Nigeria’s economic fortune is already changing in the present and looking even brighter in the near and far.
“The coming on stream of private refineries, including the modular variety, will increase domestic refining capacity and save billions of dollars in imports. More refineries mean competition. Competition brings down prices and swings the pendulum of power from producers to consumers.
“The declared intention of the Buhari’s administration is to transform the bleeding asset into an active production hive.
“By sheer size, outlay and product line, the Port Harcourt refinery can become a game-changer after rehabilitation, ORAN said.
Nigeria has the wherewithal to transform itself from a net product importer to a refining hub for the African trading bloc, an exporter of refined petroleum products and petrochemical values. Refined products from government refineries added to Dangote’s, BUA’s, and other modular refineries would all together transform Nigeria to Africa’s refinery capital, to make Nigeria dominate the Continent with refined products, that way strengthening our comparative advantage.
“Granted that local refineries have a history of underperformance and losses, but that shameful reputation boils down to the lack of political will to get things right. This Government has demonstrated character and integrity in transforming the oil and gas sector, including reforming NNPC from a cesspool of corruption to an accountable and transparent public corporation.
The Online Reporters Association of Nigeria (ORAN) dismissed those condemning the rehabilitation of the nation’s ailing refineries as an attention-grabbing hoax lacking in depth.
ORAN called on Nigerians to put their trust in this government’s integrity and rally behind the administration which is revamping infrastructures to create more jobs and diversify the nation’s economic base.
