An entrepreneur, Austin Ikubese, has emphasised the importance of quoting Nigeria’s crude oil in naira as against the dollar to curb demand for foreign exchange and attract investment to the local economy.
He also suggested that a bill be presented to the National Assembly, proposing the allocation of 30 per cent of Nigeria’s crude oil to local refineries.
According to Ikubese, a section of Dangote Refinery should be dedicated to production for Nigerian consumption while the other part could be produced for exports. This, he said, would drastically reduce the pump price of PMS and AGO to less than N200 and N300 per liter respectively.
“It will also reduce the pressure on the Naira because the demand for FX will reduce drastically, thereby attracting both local and foreign investors,” he said.
Ikubese, who is also the MD/CEO of Joyce International Ventures, disclosed this at a welfare programme organised by Supervisor, Women Affairs and Poverty Alleviation (WAPA) Oriade LCDA, Sarah Ikubese, where over 200 five kilogramme (kg) bags of rice, as well as financial aid, were distributed to vulnerable individuals selected from various communities, including churches and mosques in Navy Town and Satellite Town. Artisans and physically challenged persons across seven wards in the Oriade Local Government Area also benefited.
“Government should set up a strong task force drawn from civil society, labour union, trade union, etc. with men of proven integrity to monitor the activities of the refineries and delivery vessels to avoid diverting these products outside the border of Nigeria.
“The law should be strong enough that anyone found diverting these products should face life imprisonment. Dangote Refinery should be given 10 per cent out of the 30 per cent, while the remaining 20 per cent should be distributed among the four refineries or any of them that will be operational by early next year as has been planned,” he said.
He urged the Tinubu’s administration to put all efforts needed to transform the country’s economy and eradicate hardship.
