Nigeria needs 24 refineries, 50,000mw to revive energy sector

Joseph Inyang, president of Nigerians For Super Energy (NFSE), made this recommendation yesterday in Lagos, in an interview with the News Agency of Nigeria (NAN).

Inyang said that Nigeria ought to be a "super energy power" nation but that the country imports all her refined products, with none of her refineries working.

Besides, he said, the power grid had fallen in January this year to 1,320mw per day from the 3,000mw.

He reiterated that a lot of foriegn investors have established businesses in Nigeria but many of such have closed down because of energy shortage.

"Nigeria can overcome poverty, unemployment, illness and digital divide

by providing energy to Nigerians’’, he said.

He called on the Federal Government to look to Venezuela to reform its fuel sector, adding that

the policies of Venezuelan oil company, PDVSA, made it possible for the Venezuelans to

enjoy $0.19 (N6.12) per gallon.

"Today, PDVSA processes 3.3 million barrels per day through 24 refineries," he said.

He, therefore, suggested that NNPC should become a government/public firm with part of its

shares allocated to Nigerians, as "this will provide the company with a new direction

and ownership need for the global challenge’’.

The NFSE President added that NNPC should go on a buying spree with the aid of government

funds to buy outright or major interests in refineries in Africa, China and United States.

Inyang added that with 50,000MW and the current population of 140 million, Nigeria would be

able to take care of the latent electrical demand.

He explained that South Africa with a population of 47 million generates

36,000MW, Brazil generates 90,000MW for a population of 188 million while South Korea with a

population of 49 million generates 43,833MW.

"Nigeria with a population of 140 million would need to generate 67,021MW to be at par with

Brazil, the lowest of per capita among the three countries.

"Based on the current estimates of 10,000MW, we will need 40,000MW to complete our goal,"

he explained.

NFSE is a Non Governmental Organisation base in the United States, with the aim of supporting

the need for energy in Nigeria and the sub-region. (NAN)