Thread by @eyooekpo

Friend of mine just telling me that Femi Falana poked fun at the FGN by asking why the FG could not build refineries if Dangote could. I guess many of us will laugh at the yabis and walk away; but how many will see the much more important point that Falana unwittingly makes;

2/ which is simply that in this 2021 no government in Nigeria needs to enter the business of financing, building, owning or operating any kind of refinery. Indeed, probably any kind of business. Dangote Industries entered a whole new line of business and in 5 years has put

3/ together the human and material resources to build one of the world’s largest integrated refinery complexes. In 50+ years, the FGN, with all its might and power, has been unable to do anything remotely close. We were able to build just one LNG plant ONLY because our partners

4/ insisted that the FGN would be a minority shareholder with no management control. The FG built Eleme Petrochemicals in the 80s but could never deliver more than 30% capacity per annum. Regardless, within 18 months of Indorama Industries buying the plant in 2004/2005 it was

5/ doing 100%. Eleme has since doubled capacity and the local community owns is fully involved in it as shareholders and local content beneficiaries. Same story with NAFCON. Just look at what Notore has done with it. Once a Nigerian government gives up ownership and control of

6/ any State-owned enterprise,
more than likely it will flourish. Don’t ask me why. It’s anybody’s guess why our other moribund refineries have not been sold too. Yet, in spite of the obvious lesson that Dangote Industries, Notore and Indorama teach us all, and in spite of the

7/7 irreversible evolution to EVs, the FG still maintains that it wants to spend money it does not have on revamping refineries that we may no longer need...instead of working hard to ensure that more private players enter the market to compete with Dangote Industries?