CurrentRepot Blog In a bid to stabilize Nigeria’s economy amidst ongoing challenges in the oil and gas sector, the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) has called upon President Bola Tinubu to declare a state of emergency on the country’s refineries. This urgent plea was voiced by Benneth Korie, the President of NOGASA, during a recent press conference held in Abuja.
Korie emphasized the critical need for decisive action, stating that such a declaration would not only serve to revitalize the economy but also address the pressing issue of escalating distribution prices. “It is very important that the Nigerian government declares a state of emergency on our refineries. It will help in stabilizing distribution price, not just halting importation,” he asserted.
Highlighting the pivotal role of functional refineries in bolstering economic stability, Korie stressed that the current state of disrepair was hindering progress. He urged Tinubu’s administration to prioritize the restoration of refinery operations and take proactive measures to stabilize the national currency against foreign exchange fluctuations.
“It is imperative that our refineries are brought back online without delay. The solution to price hikes lies in optimizing refinery functionality and ensuring that petroleum products are readily available at affordable prices,” Korie remarked.
Additionally, NOGASA advocated for the reintroduction of bridging claim payments to marketers, citing the ineffectiveness of subsidy removal measures in achieving desired outcomes. Korie expressed bewilderment over the significant disparity between the government’s projected exchange rate of N750 to a dollar in the 2024 budget and the prevailing black market rate nearing N2,000.
“The discrepancy between official projections and market realities is cause for concern. We urge the government to address this disparity and implement measures that align with the current economic landscape,” Korie urged.
