The Nigerian Coalition of Civil Society Organizations (NICOCSO) has called on President Bola Tinubu to investigate alleged actions by a “powerful group” that is reportedly blocking local refinery development and pushing for the continued importation of Premium Motor Spirit (PMS). NICOCSO claims this group’s activities threaten Nigeria’s economic stability by depleting resources, weakening the Naira, and hindering job creation.
Speaking at a press conference in Abuja, NICOCSO Executive Solomon Chinemerem advocated for a policy shift requiring Nigerian crude oil to be sold to local refineries in Naira. Chinemerem argued that local reliance on PMS imports costs billions in foreign exchange, making Nigeria vulnerable to global market fluctuations and diminishing foreign reserves.
Chinemerem further noted that despite investments like the Dangote Refinery, which promises fuel independence, vested interests have allegedly obstructed such projects. NICOCSO warned that if support is not given to local refineries, they will organize a nationwide advocacy march.
The group is urging President Tinubu to order an immediate probe into the alleged monopolistic practices within the Nigerian National Petroleum Company Limited (NNPCL) and enact policies to strengthen local refineries, protect foreign reserves, and stabilize the Naira by mandating that Nigerian crude be sold in Naira.
