Bravo to arrival of old Port Harcourt Refinery (2)

Pessimism and procrastination are two negative virtues that should not find space in the minds of forward thinking, resourceful and very determined entrepreneurs in a nation’s economic space. The secret behind every successful venture is resilience, conscientious hard-work, industry, diligence and unequalled determination by every enterprising, business adventurer; because, with fear the sluggard can never record any meaningful, successful achievement in anything under the sun. Ultimately, with an entrepreneurial spirit, great successes are recorded by great achievers; and it is credited to them as brave men (such persons do not take “no” for an answer, and they do not have “failure” in their dictionary, once they set off to explore the unknown). History has it that great achievements are recorded by great men who have taken risks to do exploits (within the permissible bounds of legitimacy) in trying out novel ventures that have been recorded as successful. This is just the secret, as contained in the books or annals of history in all known human endeavours. A lackadaisical thinking mode is characteristically likened to the saying that, “a rolling stone gathers no moss”. So, one needs to be positive and firm in taking decisions, and implementing whatever policy that is made thereof. It is on this note that one needs to back the above argument with a citation from a biblical verse (Esther Chapter 4 verse 16); where a bible character, Queen Esther declared… “If I perish, I perish”! She was challenged by her uncle, Mordecai about a looming calamity about to befall her people (well, the rest is a story for another day).

This Nigerian economy has been in deep slumber enough; and the preceding article to this second part has in the very first sentence that “THE JOURNEY OF A THOUSAND miles starts with one step”. The reason is that if you don’t move on in life, you will never record any success story, nor make meaningful progress because, redundancy is economically dangerous, and it accommodates poverty hence, the obviously experienced impact from the four government owned comatose refineries in the country. No wonder the elders say in one Igbo adage that, “it is by moving around (at a marketplace) that he-goat is sold”. You don’t sit at a place and expect wonders or miracles to happen; you must act, you must walk your talk.

On this note, I humbly and most respectfully differ (objectively) with the news report of 6th December  2023 on Arise Television credited to a former group executive director of the Nigerian National Petroleum Company Limited, captioned, “Don’t Expect Port Harcourt Refinery To Work By December, Says Former NNPC Executive”. There is no doubt, facts and figures of his sincere working experience were given with detailed explanations. But, I still strongly and largely differ on one point, which is not doing something differently now (moving forward is the watchword), at this precarious economic situation! I need to restate my stand and emphatically declare that I am not joining any issue with whatever was reported or accredited to the former NNPC director. This economy must move forward as a matter of urgency, and in a positive direction; if nothing else, for the sake of the suffering masses all over the country. The suffering is too much! I am among them, and we feel the pinch and the excruciating pains alike. It is indeed a desperate economic situation that we all are facing in this country presently!

For the umpteenth time, refined products are a key factor in any expected shift to change the narrative for the much needed economic growth in the land, today. It has local refining of crude oil as a dependent variable for the emancipation of the nation from the present economic doldrums. That is the only feasible solution, presently; and it is doable, it is achievable through local processing of the refined products (at least, to knock down the outrageous cost of energy in the land, where we have the natural resources). One does not need any tutelage to understand the economic dynamics because the well grounded trainings received in Chemistry at the University of Ibadan, and in Management from the University of Nigeria, plus over thirty years of cognate experience in the marketplace (especially within Onitsha business community) and so many engagement and dealings with nationals of many countries of the world in the related commercial and technical areas, are more than enough.

There is no other way, there is in fact, no other magic that needs to be done now except that this course and step must be taken with all urgency, for Nigerians to be free from the embarrassing economic quagmire of the hyperinflation of every commodity, which is fast sending many Nigerians to their early graves. This does not require too much preaching or grammar anymore. Nigerians have seen it all, the empirical results and impacts that are being experienced since the 29 May 2023 fuel subsidy removal. The main Port Harcourt refinery at Elesa-Eleme (of 150,000 bpd nameplate capacity) is equally part of this ongoing rehabilitation project that is covered by the same AFREXIMBANK loan of $1.5 billion. Please, let all the locally installed refining facilities in the country be given a chance (legitimately) to process our naturally endowed petroleum resources; and let us see how refined products (all of them, especially the PMS) wouldn’t crash from the current N680 per litre to less than N200 per litre. If the energy market is flooded with products it will spark off healthy competition for outlets/supplies because the supply will overwhelm demand in this scenario (all things being equal, in simple economic principle). I rest my case.