The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the Federal Government to ensure that the Nigerian National Petroleum Company Limited (NNPC Ltd) increases its stake in Dangote Refinery from the current 7% to at least 45%. PENGASSAN emphasized that this move would enhance energy security for Nigerians.
During a media briefing in Lagos on Tuesday, PENGASSAN President, Comrade Festus Osifo, urged the government to also create strategic petroleum product reserves in partnership with private sector players. These reserves would serve as storage in the country’s six geopolitical zones, ensuring steady supply during shortages and reducing fuel scarcity caused by bad roads and logistical challenges.
Osifo further noted that local production of petroleum products should be intensified, with the government divesting its majority shareholding in the country’s four refineries once they become operational. Additionally, he stressed the need for expanded infrastructure for Compressed Natural Gas (CNG) and stabilizing the exchange rate to make energy more affordable.
PENGASSAN also advocated for Nigeria to pursue a diversified energy mix, balancing its reliance on fossil fuels with investments in renewable energy to secure the country’s energy future.
