The Nigerian Coalition of Civil Society Organizations (NICOCSO) has condemned the Nigerian National Petroleum Company Limited’s (NNPCL) decision to import over 1.6 billion liters of Premium Motor Spirit (PMS), stating that it undermines Nigeria’s local refining potential and worsens the economy.
At a press conference on Tuesday, November 19, 2024, the National Spokesman of NICOCSO, Segun Adebayo, expressed concerns that the massive importation will lead to increased inflation, depreciation of the Naira, and continued dependence on imported fuel.
He said: “The decision to import over 1.6 billion litres of Premium Motor Spirit (PMS) is not just a policy misstep but a deliberate move to undermine Nigeria’s local refining potential, cripple the economy, and deepen the hardship faced by ordinary Nigerians.
“The importation of such an enormous volume of PMS places undue pressure on Nigeria’s foreign exchange reserves. With the Naira already struggling against major currencies, this decision will exacerbate the depreciation of our currency.
“A weaker Naira means higher inflation, making life harder for Nigerians as goods and services become increasingly unaffordable. The added cost of importing fuel undermines our goal of achieving energy independence, while draining resources that could have been invested in local refineries.
Adebayo also highlighted the issue of substandard fuel damaging vehicles and affecting livelihoods.
“It is alarming that the imported PMS is reportedly of substandard quality, damaging vehicles and increasing maintenance costs for millions of Nigerians. From taxi drivers to small business owners, this poor-quality fuel is wreaking havoc on livelihoods. This is unacceptable in a country with abundant crude oil and refining potential”, he said.
NICOCSO spokesman demanded accountability for past investments in refinery repairs, operational timelines for refineries, an end to monopoly excuses, and immediate action from President Tinubu to halt the importation and investigate the procurement process.
He threatened that NICOCSO would embarked on a nationwide protests if their demands are not met.
NICOCSO believes that the NNPCL’s decision compromises Nigeria’s future and urged Nigerians to demand accountability, transparency, and policies prioritizing local industries.