“The government should actually take into considering the need to have more modular refineries to work in tandem with Dangote Refinery when it begins to produce, because government refineries in Warri, Port Harcourt and Kaduna have not been working. This is why we need the private sector input, in the conception of modular refineries and the operation of these facilities.”
“So, those who drove into a fuel station in their private cars and bought as much as they wanted were the ones who benefitted from the fuel subsidy. The poor masses who were stuck in buses that could buy a maximum of like 100 litres did not benefit from it. And nothing compelled the private car owner to give people a ride as he drives along because he had bought government- subsidised fuel.”
“All of these things are supposed to be determined by interaction of competitors in the marketplace. So, if there is need for fuel in the market, people bring in fuel, more people bring in fuel and there is greater competition. It brings down the prices and comes down to an equilibrium level beyond which the price could not be dropped again.That is the price that people would pay for it. It would happen once people stop fiddling, calling prices, calling volumes. It happened with diesel.
He used the opportunity to raise the issue of challenges in financing such capital-intensive projects without support of the Central Bank.