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Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism - Politics - Nairaland

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Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by ManirBK: 9:19am On Nov 20, 2023
The federal government is meticulously pursing its refinery rehabilitation deal with Saudi Arabia despite fears expressed by some analysts with industry knowledge.

The deals included a pledge by Saudi officials to fix Nigeria’s four broken oil refineries, which haven’t worked in years, forcing the country to import all of its fuel.

The federal government say it will finalise the details of the deal with Saudi Arabia within six months as many doubt the positive outcome of the agreement.

A report published by VOA, quoted Emmanuel Afimia, founder of Enermics, a Lagos based oil and gas consulting firm, as being skeptical about the success of the deal.

“This administration is showing a reasonable level of political will to make things happen. I’ll most definitely like to wait until the technical details of this deal comes out but from where I’m looking at it, I don’t think it’s gonna be possible,” he said.

If the refineries functioned, Nigeria could process around 450,000 barrels of crude oil into fuel every day.

However, Nigerian experts are hopeful that deals reached last week with Saudi Arabia will boost local oil production and help grow the economy.

The agreements between Nigeria and Saudi Arabia were made on the sidelines of the first ever Saudi-Africa summit held in Riyadh last week.

President Bola Tinubu met with Saudi Crown Prince Mohammed Bin Salman as part of his government’s efforts to attract investors, in a bid to reverse Nigeria’s economic slide.

Saudi officials pledged to fix Nigeria’s four refineries, located in Rivers, Delta and Kaduna states. None of the refineries have worked in years, forcing the country to rely on imports for fuel despite producing more than a million barrels of crude oil per day.

Fixing the refineries is expected to take about two years, according to a government official who spoke to journalists after last week’s agreement.

Saudi Arabia also pledged to deposit huge sums of foreign exchange to boost Nigeria’s dwindling reserves worsened by the government’s floating of the national currency in June in a bid to unify the exchange rate system.

Faith Nwadishi, the executive director of the Center for Transparency Advocacy in Abuja, welcomes the Saudi deal.

“Considering the success that Saudi Arabia has made with their refineries and the natural resource that they have, one thing this will be able to achieve is to help Nigeria meet its production quota, help Nigeria resolve some of the conflicts around this issue of subsidy and non-operationalisation of the four refineries that we have,” said Nwadishi.

Upon taking office in May, President Tinubu embarked on bold economic reforms including scrapping of the popular but expensive fuel subsidy, in a bid to decrease debt and attract more investments.

Fuel prices since then have soared, lending urgency to the need for domestic fuel production.

President Bola Tinubu has scrapped a decades long government-funded subsidy, leading to long lines at fuel stations as drivers scrambled to stock up before costs rise.

Nwadishi said the government first needs to be careful and subject the Saudi agreement to public scrutiny.

“What are the terms? Will government be willing to make these terms available to Nigerians so that we can really look and be able to assess them very objectively? What is it that we’re giving away? Are we giving over the entire management of our refineries to Saudi Arabia or they’re coming to give us technical assistance? Right now, it’s not very clear what the terms are,” she said.

https://leadership.ng/nigeria-to-seal-refinery-deal-with-s-arabia-h1-2024-despite-skepticism/

25 Likes 1 Share

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by ManirBK: 9:20am On Nov 20, 2023
God bless the Jagaban of africa

48 Likes 7 Shares

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by LockDown69(m): 9:54am On Nov 20, 2023
grin wash

25 Likes 3 Shares

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by amnesty7: 9:55am On Nov 20, 2023
Great.

6 Likes

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by user32(m): 9:55am On Nov 20, 2023
scam alert

35 Likes 3 Shares

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by money121(m): 9:55am On Nov 20, 2023
Ok

3 Likes 1 Share

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by amnesty7: 9:55am On Nov 20, 2023
Children of hate won't be happy.

37 Likes 2 Shares

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by sukkot: 9:56am On Nov 20, 2023
shocked

1 Like

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by Lukuluku69(m): 9:56am On Nov 20, 2023
Ok
Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by JuanDeDios: 9:56am On Nov 20, 2023
ManirBK:


https://leadership.ng/nigeria-to-seal-refinery-deal-with-s-arabia-h1-2024-despite-skepticism/
Hurray! The Saudis are here to fix our refineries. They will finally starting working 'by December'.

6 Likes 1 Share

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by Exceed15: 9:56am On Nov 20, 2023
Bobo.

2 Likes 1 Share

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by Xox1945(m): 9:56am On Nov 20, 2023
E be like say they want tell another story again

21 Likes

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by Cool83(m): 9:56am On Nov 20, 2023
Good initiate if well implemented

3 Likes

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by wittywriter: 9:56am On Nov 20, 2023
I'm yet to see a present participle statement from political leadership.

All we see, hear and read is FUTURE UNDONE STATEMENTS.

Henix:
The usually politicians story. I don't blame them, rather I blame the masses who still listen to their stories
LockDown69:
grin wash
Beverlyjean:
Lies lies lies
BreakingNews21:
Within six months?🤔
Let the historic countdown begin. 😉
⏳🕔
elujah1:
When are we ever going to hear 'Nigeria has'?



Wittyness.

7 Likes 2 Shares

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by grandstar(m): 9:56am On Nov 20, 2023
ManirBK:
Good bless the Jagaban of africa

Bless him for what? It is a bad deal

3 Likes 1 Share

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by Papayaayasager(m): 9:57am On Nov 20, 2023
To?
Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by FreeStuffsNG: 9:57am On Nov 20, 2023
ManirBK:


https://leadership.ng/nigeria-to-seal-refinery-deal-with-s-arabia-h1-2024-despite-skepticism/
Awesome!! Thank you President Bola Ahmed Tinubu. May God continue to bless you and grant you favour in your quest to take our great nation to greater heights.

We need more investments in Nigeria.
Invest in Nigeria, bring your investments to Lagos and the neighbouring Yoruba South West Nigeria states to enjoy great returns on investment and the best investor friendly experience in Africa.
God bless Nigeria for ever! Check my signature for free stuffs!

9 Likes 3 Shares

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by AbuTwins: 9:57am On Nov 20, 2023
Seal am Sharp sharp time no dey!

4 Likes

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by Henix(m): 9:57am On Nov 20, 2023
The usual politicians story. I don't blame them, rather I blame the masses who still listen to their stories

4 Likes 1 Share

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by ManilaWasher: 9:58am On Nov 20, 2023
Our greedy leaders looking for more ways to fill their pockets
Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by madmohamed(m): 10:00am On Nov 20, 2023
ManirBK:


https://leadership.ng/nigeria-to-seal-refinery-deal-with-s-arabia-h1-2024-despite-skepticism/
time to give tinubu chances and support him I think he will paform, politics is over if Nigeria is good is good for everyone but when it continues like this my only second option is Biafra so we can beuld our country

6 Likes

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by Ladech(m): 10:00am On Nov 20, 2023
This is good but how are they going to address the insecurity aspect?
ManirBK:


https://leadership.ng/nigeria-to-seal-refinery-deal-with-s-arabia-h1-2024-despite-skepticism/

2 Likes

Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by ipobarecriminals: 10:00am On Nov 20, 2023
cool

God will SHAME NIG ENEMIES and SABOTEURS. We knw them from the shape of their fl@theads, wailing sad embarassed lipsrsealed

*YO negative mention is a waste of energy cool*

8 Likes 1 Share

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