More than 80% of the explored oil actually head for refineries. Ridiculously OPEC nations own less than 20% of these refineries. In fact, many OPEC nations buy finished products from these refineries.

The question remains, why take crude to the market when you can refine. Why not take refined products to the market instead. It is cheaper to refine where it is found as cost of refining is reduced.

I urge OPEC nations to invest massively in refineries. This will starve foreign refineries of crude and drive price up due to lower supply.

I expected Nigeria’s budget to be channeled towards building more refineries instead of investing heavily in further exploration at very low prices. Lease out old ones and build new ones close to where the oil is to avoid high cost of production. This can also be done to all natural resources. Take finished product to the market. Invest in technology to refine. This will create jobs and increase GDP.