Business leader and former governorship candidate, Tonye Cole, has called for the full privatization of Nigeria’s four state-owned refineries. The Co-founder of Sahara Energy made these remarks during an appearance on Channels Television’s ‘Politics Today’ on Friday.
Cole, who was the All Progressives Congress (APC) candidate in Rivers State during the 2023 elections, advised the Federal Government to prioritize divesting from the refineries.
He proposed a model where the government would retain a minority stake in the facilities. This approach, he argued, would ensure that the interests of the Nigerian people continue to be represented in the operations while placing the refineries under the management of those capable of making them functional.
Tonye Cole emphasised that the current refining capacity in Nigeria is insufficient to meet the nation’s demands, making it imperative to get the existing refineries operational. Cole stated that entrusting the refineries to proven private sector expertise is the most viable path to achieving this goal for the benefit of all Nigerians.
Addressing concerns from labour unions, such as the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Cole expressed confidence that the introduction of competition through privatization would ultimately drive greater efficiency and better performance across the sector, benefiting the industry and its workers in the long run.
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cc: Daily Post NG
