Now the population is much higher, insecurity is much more widespread, and this year and last year, the oil price is going up. Even with what is happening in Ukraine, the oil price is no longer the boom. The choice for Nigeria is that this state refinery could sell PMS at the world price, bringing all these revenues with them. The domestic refinery can sell at the world price, the federation gets the revenues and could use the revenues for education. That is the reason domestic refinery capacity should be strengthened, but people think that having a domestic refinery would somehow take away the choice.

Source: Punch April 17, 2022 09:45 UTC