- Dele Farotimi criticised Nigeria’s oil sector management, warning that poor planning and lack of vision are preventing the country from maximizing its resources.
- He called for more refineries and reduced dependence on crude exports
- He also questioned why locally available crude oil is not adequately refined within the country, adding that the gap continues to affect the economy..
Human rights lawyer and activist, Dele Farotimi, has criticised Nigeria’s management of its oil resources, warning that the country risks missing out on key economic benefits due to poor planning and lack of direction.
In a viral video circulating online, Farotimi argued that despite Nigeria’s vast crude oil reserves, the country has failed to build a strong value chain that could support economic growth and stability. He stressed that Nigeria should not depend heavily on crude oil exports without refining its resources locally, noting that the country has the capacity to operate multiple refineries but has not fully utilised it.
“If Nigeria were to be yoked to purpose, there is no reason under the sun why we shouldn’t have at least 10 refineries in this country,” he said.
He also questioned why locally available crude oil is not adequately refined within the country, adding that the gap continues to affect the economy.
Farotimi expressed concern over the rising cost of petroleum products, pointing out that global developments continue to influence local prices. “Dangote, as a refinery, is dependent on foreign crude in a country where we have crude in abundance,” he added, warning that Nigerians may continue to face higher fuel prices as international tensions persist.
Reflecting on Nigeria’s past as a major oil producer, he lamented that citizens are not benefiting as expected. “But today, they are coughing in Iran and we are catching catarrh,” he said, highlighting how external developments impact the local economy. He also referenced the gains recorded during the Gulf War, questioning why similar benefits are not being realised today.
Farotimi further criticised what he described as a lack of long-term planning and vision among leaders, arguing that progress would remain limited without a clear national purpose. “Vision defines purpose. In the absence of vision, you can’t find purpose,” he said, adding that without proper direction, resources may continue to be mismanaged.
He concluded by urging leaders to prioritise policies that add value to Nigeria’s raw materials rather than relying heavily on exports.
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