By Mercy Aikoye
The Nigerian Coalition of Civil Society Organizations (NICOCSO) on Monday called on the President Bola Tinubu to investigate the activities of cabals who have been sabotaging local refineries for their personal benefit.
The organization made the call at a press conference today, November 6, 2024, in Abuja, to address a critical issue threatening Nigeria’s economic progress.
An executive of the group, Solomon Chinemerem, who addressed reporters said a powerful cabal is prioritizing self-interest over national welfare, enforcing policies that burden the economy, particularly regarding Premium Motor Spirit (PMS) importation.
He said, “This cabal’s actions sabotage local refining efforts, perpetuating Nigeria’s reliance on imported fuel, which drains resources and weakens the Naira. The insistence on importing PMS costs Nigeria billions annually and leaves the country vulnerable to global market fluctuations.
“Local refining investments, such as the Dangote Refinery, have been actively sabotaged by this cabal, blocking pathways for local investors and discouraging economic independence in the refining sector. This restricts job creation and diminishes growth potential for industries allied with refining.”
NICOCSO urged President Tinubu to caution the cabal against actions that could lead Nigeria into economic crises.
The organization demanded an immediate and transparent probe into the NNPCL cabal’s activities within the fuel sector.
“To safeguard Nigeria’s economic future, NICOCSO advocates for a policy mandating that Nigerian crude oil be sold to local refineries in Naira. This policy shift would support indigenous investors, preserve foreign reserves, and bolster the Naira.
“Selling crude in Naira would signify a strong commitment to developing local industries and ensuring economic stability. It would give local investors a competitive advantage, helping refineries operate at full capacity and fostering a self-sustaining fuel market.
“The benefits of this policy shift would be felt across the country, including reduced fuel costs, increased job creation, and economic resilience.
“NICOCSO calls on all Nigerians, especially the press and other civil society organizations, to stand with them in demanding accountability. Breaking the monopolistic grip of those prioritizing self-interest over national welfare is crucial.
“The organization believes Nigeria’s leaders will rise to the occasion, steering the country toward a prosperous, self-reliant future.
“NICOCSO’s press conference highlights the need for collective action to promote transparency, accountability, and economic sovereignty in Nigeria,” he said.
