Okey Okechukwu: Revival of NIgeria’s Refineries Can Lead to Job Creation, Economic Improvements

Professor Okey Okechuckwu, Executive Director of Development Specs Academy, has highlighted the advantages of revitalising Nigeria’s local refineries. Additionally, he stressed the importance of accountability on the $1.5 billion plan to rehabilitate the Port Harcourt refinery, amid rising concerns regarding transparency in the process.

In a recent discussion with ARISE NEWS on Wednesday, Okechuckwu emphasised the potential long-term benefits of revitalising local refineries, particularly as incentives are being put in place for their operation. He underscored that the revival of these facilities could lead to job creation and economic improvements in Nigeria.

He provided an example of a time when petrol was sold for N165 and explained that it was impossible to find it for less than N200 in Anambra State. He stated that this has been the case for over two decades; therefore, if you are seeking deregulation, it has been completely deregulated in that region of the country for an extended period. He said “that’s not saying that’s how it should be, but one should also look at indices. What’s the level of living; how are businesses doing? So the challenge is that this came, it has a broader spectrum impact, so the narrative itself became distorted in the reality of increased expenses by everybody.”

The discussion comes at a crucial time as the Nigerian government works to revive the moribund Port Harcourt refineries. Italian company, Tecnimont SPA was awarded a $1.5 billion contract by the federal government in March 2021 to renovate the 210,000-barrel capacity facility. The rehabilitation process, which is scheduled to take place throughout 18, 24, and 44 months, is designed to decrease the nation’s dependence on imported refined products.

Concerns regarding the transparency and efficiency of the rehabilitation efforts have emerged, particularly after Maire Tecnimont SPA declined to provide specific details about the timeline for the project, including the anticipated completion date.

In this context, the Professor expressed “It’s unacceptable, it’s outrageous, and the matter should be taken very seriously because we’re talking about national funds, inefficiencies, and possible sabotage.”

He emphasized the need for accountability, stating, “If that refinery is not producing, there must be people who are happy about it. That’s why I’m also happy about the investigation so that a culture of resumption and impunity does not emerge.”

Frances Ibiefo

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