Former President Olusegun Obasanjo has declared that Nigeria’s state-owned refineries under the Nigerian National Petroleum Company (NNPC) will never function effectively again, reigniting debate over the future of the country’s oil sector, Peak Newspaper reports
Obasanjo made the assertion in a recent interview, where he expressed strong doubts about the viability of the refineries despite years of rehabilitation efforts and billions of dollars spent on their maintenance.
According to him, successive governments have continued to invest heavily in the facilities without achieving meaningful results, describing the process as wasteful and unproductive.
The former president noted that structural inefficiencies, corruption, and poor management have undermined the refineries over the years, making it difficult for them to operate at optimal capacity.
He also revealed that during his time in office, attempts were made to hand over the refineries to private operators, including international oil companies, but the proposal was rejected due to concerns over operational challenges and systemic issues.
Obasanjo argued that rather than continuing to pour resources into ageing infrastructure, Nigeria should adopt a new approach to refining by encouraging private sector participation and investing in modern facilities.
