IPMAN urges govt to encourage local refiners

Lagos -- The Independent Petroleum Marketers Association of Nigeria, IPMAN, has urged the Federal Government to encouraged local refiners to

boost local refining of crude oil in the country.

Mr. Chinedu Okoronkwo, the National President of IPMAN, made the appeal in Lagos, stating that the call became imperative as President Muhammadu Buhari had commenced the second phase of his administration and needed to put the importance of local refining of crude oil into consideration.

According to him, only domestic refining would end ongoing challenges in the downstream oil and gas sector.

He urged President Buhari to focus on how to repair the national refineries and also encourage private refineries that have already been licensed.

"This will go a long way in saving our country the needed foreign income, which will be used in the development of other aspects of our economy like agriculture, mining, and the manufacturing sector.

“The key focus of the government should be to stimulate local refining of petroleum, white products, and petrochemical products.

“Domestic gas production for energy, industry, agricultural and automotive purposes should also be given ultimate attention (by President Buhari) in his second administration," Okoronkwo said.

The IPMAN president appealed to the government to reduce the rate of importation of petroleum products and encourage local refiners to boost local production, adding that a slide in importations of products would not only stabilise the economy but also create millions of jobs for unemployed youths in the country.

He described importation of finished products into the country as a `cankerworm’ that had left many Nigerians jobless.

According to him, the government should boost local capacity development and curb idleness in the country.

Okoronkwo also urged President Buhari to halt capital flight in his second term to save enough money for infrastructure and socioeconomic development.