Nigerian Academy of Engineering (NAE) has called on the Federal Government to divest its 51 per cent equity in refineries.

It noted that the suggestion was one of the sustainable ways to raise capital from the private sector for their upgrade and optimal performance at 445,000 barrels per day (bpd).

The academy’s president, Prof. Azikiwe Onwualu, made the submission yesterday in Abuja.

He said the move would save foreign exchange, as well as improve local consumption and export.

Onwualu applauded the recent presidential directives geared at strengthening the petroleum industry

The expert submitted that if religiously implemented, the orders would re-energise the oil and gas industry for increased productivity.

“In addition to commending the directives, the NAEng further suggests that the government should consider directives covering the rapid improvement of our gas reserve base so that more of the often-quoted gas volumes can be certified and become bankable,” he stated.

The three presidential initiatives include fiscal incentives for related projects, reduction of contract costs and timelines, as well as promotion of cost efficiency in local content requirements.

Source: Guardian Newspaper