Business Oil & Gas

Resuscitate refineries to boost economy, ex-CBN director urges FG

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Sango-Ota (Ogun), Jan. 7, 2022 (NAN) A former Director of Central Bank of Nigeria (CBN), Dr Titus Okunroumu, has called on the Federal Government to intensify efforts at resuscitating the nation’s refineries to boost the economy.

Okunroumu told the News Agency of Nigeria (NAN) on Friday in Sang-Ota, Ogun, that most of the refineries were operating below optimal level, leading to importation of bulk of the refined petroleum products into the country.

“The federal government needs to address the under- production of the refineries so as to end the subsidy challenges in the country,” he said.

The former CBN director emphasised the need for the country to leverage its resources to boost revenue.

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“If the refineries are working effectively, the country will not look for people to sell crude to.

“You can imagine countries coming to Nigeria to buy refined petroleum products from us,” Okunroumu said.

This development, he said, would reduce pressure on the economy and boost the country’s internally-generated revenue, as the debt profile would reduce.

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