Functional refineries can solve Nigeria’s forex crisis – Oborevwori

If restored, refining operations in Nigeria would save the nation foreign exchange spent on fuel importation, as Governor Sheriff Oborevwori of Delta State highlighted.

He expressed confidence that the nation’s refineries would resume operations before the year’s end.

During the visit of the Senate Ad-hoc Committee on Turnaround Maintenance of Nigerian Refineries, led by Senator Ifeanyi Ubah, to the Government House in Asaba, Oborevwori emphasized that halting petroleum product imports would alleviate pressure on the naira against the dollar.

He urged the Federal Government to expedite action in revitalizing the nation’s refineries.

Oborevwori expressed his appreciation for the committee’s presence, noting the seriousness of their assignment and its potential impact on the economy.

He pledged Delta State’s support for the committee’s oversight work. Senator Ubah, in turn, affirmed the committee’s commitment to rehabilitating the refineries and addressing issues such as crude oil theft and maximizing crude oil output.

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He assured that the refineries would be operational by the year’s end, citing close monitoring and governmental commitment.

Regarding oil theft, Senator Ubah announced plans for a public hearing and emphasized the importance of engaging with communities in the Niger Delta to address the issue effectively. He also mentioned ongoing efforts to implement the Petroleum Industry Act, acknowledging the challenges but expressing optimism about progress.