Proposal to Sell Moribund Refineries to Boost Mining Sector and Create Jobs
The Senate Committee on Finance has presented a proposal urging the government to divest the non-operational state-owned oil refineries, characterizing them as “bottomless pits” despite consistent turnaround maintenance efforts. Sani Musa, the chairman of the committee, has suggested that the proceeds from the sale could be directed towards investment in the mining sector, with the goal of creating employment opportunities for Nigeria’s youth.
In a statement to the press over the weekend, Musa underscored the potential advantages of privatizing the refineries, highlighting the positive impact it could have on the country’s mining and agricultural sectors. He emphasized that the majority of Nigeria’s population is composed of young people, and by revitalizing these sectors, it could lead to a more productive and empowered youth demographic.
Musa also advocated for expanding opportunities for innovation among the youth, drawing a comparison to the “Not too young to run” initiative in Nigerian politics. He suggested that in order to foster innovation, it is essential to provide a conducive environment and the necessary support to enable the youth to thrive, similar to the conditions found in many developed nations.
This call for the sale of the inactive refineries aligns with similar sentiments expressed by prominent figures such as Taiwo Oyedele, the chairman of the presidential committee on fiscal policy and tax reforms, Clement Isong, the chief executive officer of the Major Oil Marketers Association of Nigeria (MOMAN), and Muda Yusuf, the founder of Centre for the Promotion of Private Enterprise (CPPE). Oyedele highlighted the substantial government funds that have been injected into the refineries, yielding no positive contribution to the Nigerian economy.
The proposition to sell off the idle refineries has sparked discussions about the potential impact on the mining sector and the overall economic landscape of Nigeria. It raises critical questions about the allocation of resources and the most effective strategies for stimulating economic growth and job creation. As discussions surrounding this proposal continue to evolve, the focus remains on identifying sustainable avenues for leveraging the proceeds from the sale of the refineries to bolster the mining sector and provide new opportunities for the nation’s youth population.
In conclusion, the proposal to divest the non-operational state-owned oil refineries has gained momentum, with advocates emphasizing its potential to invigorate the mining sector and nurture a more dynamic and enterprising youth population in Nigeria. The call for strategic economic initiatives and the prudent utilization of resources underscores the ongoing efforts to drive sustainable growth and create a more prosperous future for the country.
