It's not the business of govt to run oil refinery - Osinbajo

Yemi Osinbajo has stated that the government has no business in the running of oil refineries.

The vice president made the statement on Monday, September 21, during a virtual interaction with All Progressives Congress (APC) social media bloggers and influencers.

According to Osinbajo, the running of the refineries can only be handled by private sectors and investors, adding that the problems with the government-owned oil refining machines will continue if private individuals do not take control.

He added that the government will ensure policy that will create a comfortable environment for private bodies to take over the refineries.

The vice president, who lamented the global oil crisis global, posited that the federal government will always encourage private refineries.

“If the refinery is left in the hands of the government, it will continue to experience the same problem it is experiencing now. I do not think that it is the business of government to run the refinery. It should be the business of the private sector, which is why we are trying to focus on assisting the private sector to develop modular refineries.

“There is a 100,000 barrel capacity refinery about to come on stream and we hope it will by the next year. It is completely private and closely located near the Port Harcourt Refinery so that it can share the facilities of the Port Harcourt Refinery. We are hopeful it will come on stream in the first quarter of next year," Osinbajo said.