FG, states, communities to acquire stakes in modular refineries – Osinbajo

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Speaking at the 2017 African Modular Refinery Discussion organised in Abuja by the Modular Refineries Association of Nigeria, Acting President Yemi Osinbajo, blamed the federal government’s involvement in the nation’s refineries for the failure and near collapse of the facilities in Kaduna, Warri and Port Harcourt, The Punch reports.

According to him, in the new modular refineries’ initiative, oil producing communities will be made to acquire stakes in refineries that are set up in their localities, while the federal and state governments will have some stake, as well as private investors.

He said the government was committed to creating an enabling environment for private sector participation and investments in modular refineries, adding that it was aware of the challenges and complications posed by the non-deregulation of the sector.

Speaking further on the poor performance Nigeria’s three refineries, Osinbajo said the Federal Government had also ruled out building and managing refineries, adding that it would only create the atmosphere for private players.