• Super Admin
• 08 Mar, 2026

Dr Titus Okunrounmu, a former Director, Research Department of the Central Bank of Nigeria has advised the Federal Government to make emphatic efforts to build new refineries . Okunrounmu gave the advice in an interview with the News Agency of Nigeria on Sunday in Ota. He said that the intervention would avail the federal government the opportunity to tackle any international crisis and turmoil that may arise in the sector, as currently being witnessed in the Middle East. The former CBN director commended Aliko Dangote for building a standard refinery that has helped the nation stabilise petrol prices and ensure a steady supply for the people. "The petrol prices would have skyrocketed beyond a reasonable price if not for Dangote refinery, which is in place. "The federal government needs to build new refineries that would complement Dangote refinery in order to absorb any international shock or crisis. "Also, there is an urgent need to repair some of the country's refineries, and ensure transparency and accountability in the petroleum industry to boost revenue generation," he said. Okunrounmu noted that some of the funds generated from the petroleum sector could be used to develop other sectors of the economy. This, he said, would translate to creation of job opportunities and stimulate more economic growth. He also appealed to the federal government to provide constant crude supply to Dangote refinery so that it can produce optimally to reduce petroleum products importation. Source: https://theeagleonline.com.ng/ex-cbn-director-urges-fg-to-build-new-refineries/