{"id":150845,"date":"2022-02-19T05:35:29","date_gmt":"2022-02-19T04:35:29","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=150845"},"modified":"2022-02-19T05:35:29","modified_gmt":"2022-02-19T04:35:29","slug":"embrace-joint-venture-model-to-revamp-moribund-refineries-lcci-to-fg","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/02\/19\/embrace-joint-venture-model-to-revamp-moribund-refineries-lcci-to-fg\/","title":{"rendered":"Embrace joint venture model to revamp moribund refineries, LCCI to FG"},"content":{"rendered":"<p>The Lagos Chambee of Commerce and Industry (LCCI) has asked the federal government to revive local refineries.<\/p>\n<p>According to the chamber,<span data-preserver-spaces=\"true\">\u00a0this would curtail the hazards associated with fuel importation.<\/span><\/p>\n<p>This was contained in a statement issued on Friday by LCCI president,\u00a0<span data-preserver-spaces=\"true\">Michael Olawale-Cole.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said beyond politics, the government should consider the economics of refurbishing and maintaining existing <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/09\/nscdc-destroys-eight-illegal-modular-refineries-in-abia\/\">refineries<\/a>.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to NAN, Olawale-Cole advised government should take decisive action as to whether to own the refineries or involve the private sector in their management for profitability and sustainability.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe government may need to consider a joint venture model of the kind with Nigeria Liquified Natural Gas where the government holds 49 percent and the private sector 51 percent for the refineries,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cAs at the end of 2020, the NLNG raked in revenue worth 114 billion dollars, paid 9 billion dollars in taxes, and 18 billion dollars in dividends to the federal government.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis model can be replicated with the refineries. A 100 per cent ownership and management by the government is not advised.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Olawale-Cole said refining crude oil was the most sustainable solution to fuel importation challenges.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said the call had become pertinent due to the importation of off-spec fuel.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The president said that having domestic refineries in operation to refine crude oil for local consumption and exports would also boost Nigeria\u2019s foreign exchange earnings.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He emphasised the need to conduct an extensive and conclusive investigation to unravel the circumstances that led to the compromised importation.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said the results of the investigations should point to actionable penalties for all parties involved to serve as a deterrent against future occurrences.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe news about the importation of contaminated fuel and subsequent recall of same, came to Nigerians as a rude shock as Nigerians had trusted that there was a fuel importation system that could not be compromised in the manner it happened last week,\u201d Olawale-Cole said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis is disappointing, risky and calls for an immediate overhaul of our import processes and systems to forestall any chance of future occurrence.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOne cannot imagine the danger this portends if it had happened or should happen with aviation fuels for our airlines.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe also urge the government to conduct an audit of the current processes towards having a standardised system that meets international best practice.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The LCCI boss also urged the government to create an enabling environment where private refineries can thrive.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said Nigeria could save about N6 trillion yearly from fuel subsidy and associated costs through domestic refining.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to him, the figure represents about 50 percent of Nigeria\u2019s expenditure (when you add the recent proposed N2.56 trillion supplementary budget to cover six months fuel subsidy) in the 2022 budget.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Lagos Chambee of Commerce and Industry (LCCI) has asked the federal government to revive local refineries. According to the chamber,\u00a0this would curtail the hazards associated with fuel importation. This was contained in a statement issued on Friday by LCCI president,\u00a0Michael Olawale-Cole. He said beyond politics, the government should consider the economics of refurbishing and [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":133462,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[371,30464,26905,12560],"class_list":["post-150845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-fg","tag-fuel-importation","tag-lcci","tag-local-refineries"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Embrace joint venture model to revamp moribund refineries, LCCI to FG<\/title>\n<meta name=\"description\" content=\"The Lagos Chambee of Commerce and Industry (LCCI) has asked the federal government to revive local refineries.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/19\/embrace-joint-venture-model-to-revamp-moribund-refineries-lcci-to-fg\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Embrace joint venture model to revamp moribund refineries, LCCI to FG\" \/>\n<meta property=\"og:description\" content=\"The Lagos Chambee of Commerce and Industry (LCCI) has asked the federal government to revive local refineries. 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