In recent times, Nigeria has grappled with continual increase in fuel prices, adding to the frustrations of Nigerians amidst other economic difficulties. Onasanya Oluwasegun, a Mechanical System specialist in the Oil and Gas sector, during an industry event called for immediate attention to reawaken the functionality of the country’s refineries to boost the economy and provide opportunities for young emerging engineers to explore.
Having a wealth of experience in the up-stream processes in Oil and Gas, Oluwasegun underpinned the importance of local oil production and refinement in addressing the economic challenges and providing employment opportunities for the nation’s youth. He highlights that oil production is usually pegged to large scales, hence the need for functional refineries to simplify the issues of fuel scarcity and unstable fuel prices for the betterment of the country.
“The current hike in fuel prices is disturbing, given that our country is one of the largest oil producing states in Africa. It is more critical than ever that our old and new refineries are brought back to full operation,” Oluwasegun stated. “When these refineries are in full operation, it wouldn’t only stabilise the domestic fuel market with considerable prices but also create thousands of jobs for young Nigerian engineers who often are victims of brain drain or underemployment.
“Crude oil is golden to Nigeria as it leads the growth of the country’s GDP. Despite the fact that its production rate is high, it suffers inadequate and inoperative infrastructures such as a refinery which turns this crude oil into finished products as fuel, diesel and kerosene. This setback gives rise to the need for total dependency on the imported finished products from other countries to meet up with local needs. The external reliance therefore immensely contributes to fluctuating fuel prices and drastic economic instability.”
However, Oluwasegun believes that with measures put in place to have local refineries functioning, the narrative would change.
“The benefits of operational refineries are prodigious,” he explained. “Adequate budget needs to be alloted to the development of refineries no matter how long it would take. This action should be given more priority than relying on expensive imports. Mark my words on this, when this happens there’s no way industrial growth and development would not be fostered, leading to a more diversified and balanced economy.”
Oluwasegun also pointed out the potential for skill development and employment opportunities. “Each passing year we have thousands of engineering graduates. A few are lucky enough to get good paying jobs, others wander about in search of a job or working under the belt of a job whose description is far away from engineering,” he added. “By investing in our refineries, we provide an avenue for young engineers to be employed and allow them to gain hands-on experience and expertise in the oil and gas industry. This will enhance our human capital and position Nigeria as a leader in oil production and refinement in Africa.
“It’s important to know that the current fuel hike has led to a surge of frustrated citizens who are constantly trying to thrive amidst the economic strain that ushers woes such as hunger, increased cost of transportation and production across boards.”
According to him, the revival of refineries in the face of rising fuel prices would mitigate these challenges and ensure that there’s affordable and steady supply of fuel which is needful for personal and industrial consumption.
Oluwasegun’s concerns on the building of refineries to support local oil refinement and development are submitted at a fastidious time when the Nigerian government is exploring various strategies to address the ongoing fuel crisis. His insights provide clarity on the substantial benefits the country stands to achieve if accurate measures are taken to curb the imports of refined oil. The country would be set to experience economic bliss when refineries are revamped and operational.
Towards the end of his discussion, he urged the government to take the bull by the horns and set the right templates to get refineries working. “If not building new ones, revamping the old ones to commence operations should be prioritised. Perhaps, income generated from the old ones could be invested for new refineries.”
He also urged stakeholders in the Oil and Gas sector, especially engineers, to constantly lookout for innovative dimensions that would offer engineering solutions in the sector. He stressed that the development of modular refineries in remote areas should be encouraged, as that would give rooms for the potential functionality of large scale refineries.
When consistent efforts are geared from both the government and industry players, Oluwasegun noted that the potential benefits birthing from it would extend beyond fuel price stabilisation, offering a pathway to sustainable economic development and improved living standards for all Nigerians.
The revitalisation of Nigeria’s refineries is an ultimate pathway towards economic self-reliance and prosperity. As Oluwasegun aptly highlighted, this revitalisation would open for beneficial strides such as increased employment rate, technological advancement, and the stability of oil price, enriching the value of the oil and gas sector, easing the lives of an average Nigerian. It’s therefore an imperative priority for the nation to have intentional concerted efforts geared at transforming this vision into reality.
