AFRICA

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

Follow us on:

AriseNews

View Comments

  • <<<<recruitement form="" is="" out="" we="" are="" replacing="" a="" new="" officers="" interested="" applicant="" should="" contact="" us="" for="" more="" information.;="">>><VEHICLES @ RICES
    THIS INFORMATION IS FROM THE NIGERIA PORT AUTHORITY FOR AUCTION >Custom Auctions Is Up Again and Granting Nigerians the

    Privilege to Own Vehicles at Affordable RatesFOR MORE INFORMATION Call or message on WhatsApp 08O ___-6739 __-9O9O
    RICE AVAILABLE FOR SALES ARE :-
    MamaGold=39,500
    Royal umbrella=39,500
    Mama Gold=39,500
    Rising sun=39,500
    Mama Africa=29,500
    Elephant Gold=39,500
    Caprice =39,500
    NOTE: Delivery fee IS (#4000) which must be paid before we ensure your delivery..
    *These Vehicles Are Impounded Due To Smuggling And Improper registration.*
    *These Vehicles Are Direct Tokunbo and Has Never Been Used In Nigeria.*.For any purchase
    Call the officer
    08O ___-6739 __-9O9O

    •Toyota Land Cruiser-N1.3m
    •Toyota Prado N1.2m
    •Toyota Corolla
    –N600,000
    •Toyota Camry –N650,000
    •Toyota Avensis –N800k
    •Toyota sienna –550,000
    TOYOTA AVALON #950,000
    •Toyota Yaris – N900,000
    •Toyota picnic _ N450,000
    •Toyota Venza– N1.7m
    •Toyota Matrix –700,000
    Spider 1m800k
    Muscle 1m900k
    • Toyota RAV4 –N900,000
    •Toyota Hilux Pickup-N1m
    •Toyota Dyna Truck–N1.3million
    •Toyota 4 Runner–N1m
    tundra 2.670,000
    tacoma 2.5Million
    •Toyota Hiace Bus –N1.5m
    •Toyota Highlander-N1.2m
    •Toyota Big daddy-800k

    Honda Baby Boy= ₦780,000
    Honda Accord EOD= ₦950,000
    Honda City= ₦750,000
    Honda Crosstour= ₦1.2M
    Honda CR-V= ₦950k
    Honda Odyssey= ₦850,000
    Honda Pilot= ₦1Million

    *Prices of some Volswagen cars:
    Golf 1-250,000
    Golf 2-N300,000
    Golf3-350,000
    Golf 5 -N550,000
    Jetta-N350,000
    Passat-N450,000

    LEXUS ES300@#1.3 MILLION
    LEXUS ES330@#1.6 MILLION
    LEXUS ES350@#2 MILLION
    LEXUS RX300@#1.7 MILLION
    LEXUS RX330@#3 MILLION
    LEXUS RX350@#4 MILLION
    LEXUS RX400@#3.5 MILLION
    LEXUS GX460@#4 MILLION
    LEXUS GX470@#5 MILLIONLexus GX460=₦6.6M
    Lexus GX470=₦8.4M
    Lexus GX570=₦13.8M
    Lexus IS-250=₦2.1M
    Lexus ES-330=₦1.5M
    Lexus ES-350=₦2.6M
    Lexus RX300= ₦1.5M
    Lexus RX330= ₦2.8M
    Lexus RX350= ₦3.2M. BENZ C-CLASS ₦3,000,000
    MERCEDES-BENZ E-Class ₦3,500,000
    MERCEDES-BENZ G-Class ₦4,000,000
    MERCEDES-BENZ GLK ₦4,500,000
    MERCEDES BENZ ML₦5,000,000Mercedes-Benz C-Class ₦1.5 million
    Mercedes-Benz E-Class ₦1.7 million
    Mercedes-Benz G-Class ₦2.5 million
    Mercedes-Benz GLK ₦3.5 Million
    Mercedes Benz ML350 ₦2.3 million
    Mercedes Benz g-wagon ₦125 million.

    Range rover vogue 6mill
    Range rover sport HSE 4.8m
    Land rover 3.3m

    Acura ZDX 1.850,000
    Acura MDX 1.6m

    MANY MORE EXCLUSIVE OFFER'S LIKE.....
    LAPTOPS, GENERATOR'S, FRIDGE, CONTAINERS, PHONE, MOTORCYCLE, AND KEKE.... Bales of Okirika Clothes 50kg for #35,000, 100kg for #75,000 and 150kg for #180,000

    👉KEKE MARUWA.
    Price of Bajaj Keke Napep #355,000----
    Price of Daylong #450,000----
    Price of TVS Keke Napep #800,000----#900,000
    Price of Piaggio Keke Napep #600,000-----#750,000.

    👉 CONTACT 08O ___-6739 __-9O9O
    Bags of cement #5,500
    Delivery cost is #1,000

    EVERY BUYER IS EXPECTED TO PAY FOR THE DOCUMENTS OF THE VEHICLES BEFORE THE DELIVERY WILL COMMENCE!!!!WE DELIVER NATION WIDE NOTICE INSTALLMENTAL PAYMENT IS ALLOWED!!! ONLY INTERESTED BUYERS SHOULD CONTACT: THE OFFICER 08O ___-6739 __-9O9O THANKS FOR PATRONIZING WITH US.!!.〽.〽.〽.〽.〽

Recent Posts

FG Approves 2025-2026 MTEF, Targets N47.9trn For 2025

The Federal Executive Council approved Nigeria’s 2025-2027 Medium-Term Expenditure Framework, setting the federal budget at…

11 mins ago

Michael Oglegba: Benue State Is Embracing Mechanisation to Transform Agriculture

Benue State’s Commissioner for Finance has emphasised the need for farming to evolve from a…

16 mins ago

Government Should Conduct Forensic Audit Before Funding Power Sector; NNPC Probe Long Overdue, Says Abdullahi Shinkafi

Dr. Sani Abdullahi Shinkafi has called for overdue NNPC investigation and forensic audits in the…

4 hours ago

Sudan War Death Toll Significantly Much Higher Than Recorded, Researchers Say

Researchers have suggested Sudan’s war death toll may be significantly underreported, indicating a graver humanitarian…

4 hours ago

Bomb Blast Outside Brazil’s Supreme Court Sparks Security Fears Ahead of G20 Summit

A man detonated explosives near Brazil’s Supreme Court in a suspected suicide bombing, raising concerns…

4 hours ago

In Bid To Fight Brain Drain, Portugal Introduces Tax Relief and Housing Aid

Portugal has introduced tax relief for young workers to curb brain drain, yet doubts remain…

4 hours ago