Nigeria Needs Modular Refineries, Not Privatisation, Says Abe

The Managing Director, Onne Oil and Gas Free Zone Authority, Dr Noble Abe, has kicked against the proposed privatisation of refineries as the solution to Nigeria’s oil and gas crisis.

Rather, the renowned technocrat advocated the establishment of modular refineries to serve the yearning consumption needs of Nigerians, and obviate the dependency on imported refined petroleum products.

Abe, who stated this during his presentation at the Port Harcourt International Oil and Gas Conference, said it was a misnomer for Nigeria, as the hub of oil and gas in sub-Saharan Africa, to depend on imported petroleum products.

He attributed the ugly development to the fact that Nigeria was yet to exploit its comparative advantage in oil and gas to attain its potential among the world economy.

He said the world was moving at jet speed, saying that it was imperative for Nigeria to drop the status of a consuming nation, and become pro-active in its quest for economic, technological and industrial development.

He said that most of the fastest growing economies in the world today, such as Singapore, Dubai, China, Malaysia, among others, were once confronted with various challenges, but took frantic steps to move forward.

Speaking on the challenges of the oil and gas free zone, he said the Onne Oil and Gas Free Zone (OGFZ) is rated one of the best in the world in terms of investment potentials.

For the free zone to meet its statutory requirements, he said, there was need for a strong infrastructure base, strong legal framework and legislation in addition to building investors’ confidence to drive foreign direct investment.

If these facilities are put in place, Abe is confident that the Onne oil and gas free zone will stimulate effective capital growth, employment opportunities, revenue generation and increased exports.

According to him, over 100 companies presently operate at the free zone, while 30,000 direct and indirect jobs have been created.

Beemene Taneh