Business & Finance

Dogara Lists 6 Reasons Why Nigeria Still Import Fuel


Speaker of the House of Representatives, Yakubu Dogara on Monday spoke on the reasons why Nigeria still import fuel and other petroleum products.

In his address during the National Stakeholders Summit on Petroleum Industry Reforms organised by the House Committee on Petroleum, the Speaker identified reasons why the country still import instead of refining petroleum products.

Here are 6 of the reasons:

1. The rich personalities enrich themselves with the current situation at the expense of the masses. They gain from it, so they won’t make efforts at repairing refineries.

2. Dogara noted that Nigeria’s inability to maximize its potentials in the oil and gas sector as well as the revenue generated from the sector as a factor.

3. He also identified the influence of host communities. ‘Decades after the advent of Nigeria’s petroleum industry, problems which led to host community agitation remain unaddressed and highly politicized, and the question of the extent to which revenues from the industry should be shared among the three tiers of government and the people remain, as do the content and limits of corporate social responsibility.’

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4. Absence of viable framework for petroleum industry is another reason.

5. Outdated Laws: Petroleum laws are outdated and need to be reviewed. He said, ‘The existing laws are outdated, anachronistic, and out-of-sync with international best practices and current technological advances for decades’

6. The industry needs a total restructuring through enactment of laws that will promote the emergence of an optimal petroleum industry.

Dogara noted that until these are addressed, Nigeria will continue to import what it has in abundance.

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