Sen. Ita Enang, the Senior Special Assistant to the President on Niger Delta Affairs, says Nigeria should capitalise on global decline in oil prices to stop payment of oil subsidy and develop its refining capacityNAN recalls that the Group Managing Director of the Nigerian National petroleum Corporation , Malam Mele Kyari, had announced that the Federal Government would stop payment of subsidy due to the impact of COVID-19 on the global oil market.
“If the price of crude oil is very low, then you have very less income for which you can do other things, therefore, if you want to subside products, you have to think of many things,’’ he said. “Nigeria has the best chance now to grow its own industry, its own petroleum refining industry, there has never been a better time,’’ he added.
“My office has related very seriously with stakeholders and we have had about four meetings before we arrived at a communiqué at the fifth meeting where we met with the Association of Artisanal Refiners, what we prefer to call illegal refineries. Enang said that the artisanal refiners had alleged that some of the petroleum products some companies claimed were imported were bought from them.“They told me that most of the time we say that we are importing some of these refined petroleum products that it is not correct, that it is the illegal or artisanal refineries that produce this petrol and diesel.
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