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From Uche Usim, Abuja
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has applauded President Bola Ahmed Tinubu for braving the odds to end the controversial and fund-draining petrol subsidy regime, saying bold move will open a new vista for economic growth and revenue expansion through increased local and direct foreign investment.
The Chairman, Executive Committee of CORAN, Mr Momoh Ilori, who gave the commendation in a statement, however appealed to the Central Bank of Nigeria (CBN) to urgently create a window of intervention fund for modular refinery companies in line with what the likes of Dangote enjoys.
He said such assistance would speed up the establishment of various modular refineries.
Ilori added that the challenge of guaranteed supply of crude to the refineries with naira payments, guaranteed offtake of the products and removal of bureaucratic bottlenecks from the regulatory bodies were some of the urgent issues for resolution.
He added that the subsisting challenge relating to regulatory agencies duplicating licenses and permits and engaging in conflicting directives put operators in a confusing state of affairs.
The CORAN executive also appealed to the organised labour and Nigerians in general to give the new administration time to sort out the deregulation quagmire which has bedeviled the nation for far too long.
“The initial pains will soon be over if we follow through with determination and the necessary human face and palliatives which must be injected to cushion the social impact of deregulation.
“This bold Step would not only save the country huge amounts of resources hitherto spent on subsidies at a critical time when the country is grappling with revenue shortfall, but The anticipated capacity expansion in the production of local crude refineries of our members will ultimately solve the challenge of domestic petroleum product refining that has bedeviled the country for years.
“This coupled with the aggressive job creation within the mid and downstream sectors of the petroleum industry will boost the economy.
“Members of CORAN are confident that Mr President’s administration will pay attention and contribute immensely to the ongoing repositioning of the Nigerian oil and gas industry particularly the development of the midstream and downstream segments with the aim of moving the country from an import reliant country to a major refining and net exporter of refined petroleum product”, he added.
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