The Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadiri, has strongly advocated for the privatisation of Nigeria’s state-owned refineries, describing them as a persistent drain on the nation’s economy.
Speaking on Channels Television’s ‘Politics Today’ program, Ajayi-Kadiri argued that the government should relinquish control of the Warri, Port Harcourt, and other national refineries to private investors capable of efficient management.
Ajayi-Kadiri criticised the current model of government ownership, stating, “When something belongs to everybody, it belongs to nobody.”
He emphasised that despite ongoing rehabilitation efforts since 2024 – which have partially restored the old Port Harcourt and Warri refineries while work continues on the Kaduna refinery and Port Harcourt’s second unit – the facilities remain underproductive.
The MAN DG stressed that maintaining these refineries under public ownership has proven economically unsustainable and unfair to Nigerians, especially given the country’s abundance of capable private sector operators.
“Those four refineries are a pure drain on the Nigerian economy,” Ajayi-Kadiri declared. He called for honest assessment and bold decision-making, urging the government to create an enabling environment for private sector investment in the refining sector.
The manufacturers’ chief suggested that privatisation would not only stop financial losses but also stimulate economic growth through improved efficiency and job creation.
His comments come amid Nigeria’s continued reliance on imported petroleum products despite being Africa’s largest crude oil producer.
Industry observers note that previous attempts at refinery rehabilitation have consumed billions of dollars with limited results. Ajayi-Kadiri’s proposal aligns with growing calls for market-driven solutions to Nigeria’s persistent fuel supply challenges, though the government has historically cited strategic national interests for retaining refinery ownership.
Ajayi-Kadiri concluded by emphasising that private sector participation would bring accountability and the technical expertise needed to transform Nigeria’s refining capacity, ultimately benefiting both the economy and consumers.
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cc: Daily Post Ng
