Foreign capital should enlarge domestic capability rather than permanently replace it. Partnerships should leave behind skills, technology, supply chains, tax value, and competitive Nigerian enterprises.
In a global oil market in which supply dynamics can shift overnight, prudence is not pessimism. It is governance.
If the Nigerian government sees this windfall as a new lease on life for its oil-dependent model, it will only delay the inevitable reckoning.
To restore credibility, NNPC Ltd. must publish independently audited financial reports with full operational details, implement transparent procurement policies, establish zero-tolerance measures against corruption, and resist political interference in financial decisions.
This is a justification for some proceeds of subsidy removal to be applied to investment in viable energy sources and social services like education, health, and affordable public transportation.
This is a crime against the state and must be treated as such. The government must go after perpetrators of this dastardly act and severely punish them as a deterrent to others.
It is time for a significant policy shift by the Nigerian government on oil. We need to start signing an array of sweeping executive orders and policies to create an energy mix fit for Nigeria’s growth.
It is time we sell off non- functional refineries, license more private ones and end fuel importation and subsidy regime.
The most critical element of this typology, due to the scale and complex nature of soot, is an extensive state and national level Coordinated Action Plan.
However, Nigeria needs to adequately articulate its national interest and modus operandi in engaging with the rest of the world in renewable energy, climate change and their economic implications.
Still, I feel that Nigeria should play the lead role in a coalition of naval security apparatus from the international community to provide security in the Gulf of Guinea.