CALL FOR IMMEDIATE PROBE OF CABALS INSISTING ON IMPORTING PMS AND SABOTAGING LOCAL REFINERIES

Today, the Nigerian Coalition of Civil Society Organizations (NICOCSO) convenes to address a critical issue threatening Nigeria’s economic development. We are alarmed by a small yet powerful cabal that prioritizes self-interest by enforcing policies that harm our economy, particularly regarding the importation of Premium Motor Spirit (PMS). Their actions undermine local refining efforts, perpetuating Nigeria’s dependence on imported fuel, which drains our resources and weakens the Naira.

THE BURDEN OF FUEL IMPORTATION AND ITS ECONOMIC IMPACT

The insistence on importing PMS is detrimental to our economy, costing Nigeria billions in foreign exchange annually and leaving the country vulnerable to global market fluctuations. This monopolistic approach undermines local enterprises and disrupts our foreign reserves. It is unacceptable that vested interests prioritize personal gain over the collective welfare of the Nigerian people, obstructing our path toward energy self-sufficiency.

SABOTAGE OF LOCAL REFINERY INVESTMENTS

Investors, such as Aliko Dangote, have taken significant steps to establish local refineries, like the Dangote Refinery, which hold promise for achieving fuel independence. However, this cabal has actively sabotaged such initiatives, hindering pathways for local investors and discouraging economic independence in the refining sector. The ongoing reliance on PMS importation not only restricts job creation but also diminishes the growth potential of industries connected to refining.

A CALL FOR PRESIDENTIAL INTERVENTION

We urge His Excellency, President Bola Ahmed Tinubu, to caution the NNPC cabal, led by Mele Kyari, against actions that could lead Nigeria into an economic crisis. The governors have recently called for marketers and the NNPCL to support Dangote and local refineries. We insist on this support, or civil society organizations will be compelled to embark on an advocacy march across the country. We call on President Tinubu to order an immediate and transparent investigation into the activities of this NNPC cabal within the fuel sector. Without decisive action, Nigeria’s path to a sustainable economy will continue to be obstructed by a few individuals seeking profit at the nation’s expense.

To safeguard Nigeria’s economic future, we also urge the President to implement a policy mandating that Nigerian crude oil be sold to local refineries in Naira. This policy shift would support indigenous investors, preserve foreign reserves, and strengthen the Naira, ultimately bolstering Nigeria’s economy and stabilizing fuel prices domestically.

EMPOWERING LOCAL REFINERIES AND BOOSTING THE ECONOMY

Selling crude oil in Naira would represent a strong commitment to developing local industries and ensuring economic stability. It would give local investors a competitive edge, allowing refineries to operate at full capacity and fostering a self-sustaining fuel market. The benefits—reduced fuel costs, increased job creation, and enhanced economic resilience—would be felt throughout the country.

NEED FOR PUBLIC SUPPORT AND ACCOUNTABILITY

We call on all Nigerians, particularly the media and other civil society organizations, to join us in demanding accountability. Our nation’s economic future relies on breaking the monopolistic grip of those who place self-interest above national welfare. Together, we can build a Nigeria that empowers local industries, ensures fair fuel pricing, and promotes economic sovereignty.

CONCLUSION

At this critical juncture, Nigeria faces a choice: to allow exploitative practices to continue or to pursue a path of resilience and stability. We trust President Tinubu’s administration to act decisively, safeguarding Nigeria’s economy by holding this cabal accountable and encouraging local refining through policies that prioritize the Naira.

Thank you for your attention and for joining us in advocating for Nigeria’s progress. We believe our leaders will rise to the occasion, steering us toward a prosperous and self-reliant future.

SEGUN ADEBAYO
National Spokesperson

BENJAMIN JAMES
National Coordinator