The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the Federal Government to raise its stake in the Dangote Petroleum Refinery from the current 7% to at least 45% to strengthen Nigeria’s energy security.
Festus Osifo, PENGASSAN President, made the appeal during a summit in Lagos, emphasizing that increasing the government’s stake would enhance energy accessibility, affordability, and availability for citizens.
Osifo also urged the government to collaborate with private sector players to improve the country’s petroleum product storage and expand pipelines to reduce dependence on truck transport.
He further highlighted the need to stabilize the naira to make energy more affordable, stating that devaluation, not subsidy removal, is the primary reason for high fuel costs.
PENGASSAN recommended ramping up efforts to operationalize Nigeria’s four refineries, after which the government should divest majority ownership to private investors.
The association stressed the importance of strengthening the oil and gas value chain to avoid fuel shortages and improve distribution, as the current truck-based system is inadequate.
Additionally, PENGASSAN emphasized that the recent trend of International Oil Companies (IOCs) divesting from Nigerian assets presents both risks and opportunities.
The association urged the government to implement a robust divestment framework under the Petroleum Industry Act (PIA) to ensure job protection and maintain Nigeria’s production levels.
(Vanguard)