In order to tackle the challenges facing the petroleum industry in the country, the National President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Mr. Benneth Korie, has called for immediate concerted efforts by all stakeholders.
His position was made recently at a press briefing in Abuja, while calling for a competitive environment to ensure access to refined petroleum products, address smuggling, enhance agriculture, improve transportation, and tackle multiple taxations.
Korie, commended Aliko Dangote Refinery for establishing the largest refinery in Nigeria, describing it as a, “monumental contribution” to the industry.
“The Dangote Refinery promises substantial benefits, including enhanced supply, increased competition, and a bolstering of the national economy and currency,” he stated.
To ensure balanced distribution, Korie noted that Dangote’s refined products should be made available to a broader range of stakeholders, including the Nigerian National Petroleum Company Trading and Nigerian National Petroleum Company Retail (NNPC), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Major Oil Marketers Association of Nigeria (MOMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN) and others.
He also called on the federal government to take immediate action to halt the smuggling of petroleum products across Nigeria’s borders, emphasising that smuggling alone shouldn’t justify increasing local prices.
To address inflation and economic stability, Korie emphasised the importance of prioritising agriculture.
According to him, “The government should make farming more attractive and profitable by subsidising agricultural inputs and equipment.
“Extension workers should also be deployed to educate farmers on modern techniques such as irrigation and fumigation. Improving the transportation network is crucial,” Korie added.
He urged governments to prioritise repairing major roads to reduce transportation costs, saying fixing the roads and lowering diesel prices, and additional expenses incurred during product transportation by road would be eliminated, making the entire process more efficient and cost-effective.
He added, “I would like to acknowledge the efforts of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in regulating the industry.”
Regarding the prices of Automated Gas Oil (AGO) or diesel with Dangote’s refinery production and crude oil transactions in naira, Korie said it expects a reduction in AGO prices.
