In a recent video from 2:21 shared on Symfoni TV, Sanusi Lamido Sanusi spoke on Nigeria’s economic policy direction, energy sector management, and the long-standing debate around subsidy structures and domestic refining capacity.
During the interview, Sanusi stated, “We cannot continue to support foreign refineries when we are an oil-producing country.” He made the remark while discussing the need for Nigeria to strengthen its local refining capacity and reduce dependence on imported petroleum products.
He explained that it is economically inconsistent for an oil-producing nation like Nigeria to continue relying heavily on foreign refineries, stressing that such dependence creates inefficiencies and long-term fiscal pressure on the economy.
Sanusi noted that while policy reforms in the petroleum sector have been ongoing, the ultimate goal should be to ensure that domestic production capacity is fully developed and capable of meeting national demand.
He pointed out that sustained importation of refined products drains foreign exchange reserves and limits the country’s ability to stabilize its currency and broader macroeconomic environment.
The former emir further argued that investments in local refining infrastructure are critical to achieving energy security and reducing vulnerability to global market shocks.
He also emphasized that policy consistency is essential, warning that frequent shifts without addressing structural challenges could undermine progress in the sector.
Sanusi highlighted that Nigeria’s status as a major crude oil producer should naturally translate into self-sufficiency in refining, adding that this imbalance has persisted for decades due to policy and infrastructural gaps.
He concluded by stressing that meaningful reform in the petroleum industry requires not just removing inefficiencies but also building strong domestic systems that can sustain production, processing, and distribution within the country…Read_More…