Mr. Oyarekhua in his interview with Arise TV, explains that with the commissioning of the Dangote Refinery and the modular refineries such as OPAC Refinery, Waltersmith, Aradel, Edo Refinery, the pressure on foreign exchange has been eased, as less forex is now spent importing refined petroleum products.
According to him, the more Nigeria refines locally, the more we conserve forex, strengthen the naira, and stimulate homegrown value creation. He advocates for policy support and import restrictions that protect local refiners helping them compete fairly with importers.
Beyond the economics, he notes that local refining means jobs, investments, and true energy security. The long-term goal, he says, should be for Nigeria to not only meet local demand but also export refined products, thus ameliorating the once import-dependent nation into an exporter.