Category: Business Day

The Nigeria Labour Congress (NLC) has threatened to join forces with the Academic Staff Union of Universities (ASUU), if the federal government refused to reverse its decision to implement the ‘no work, no pay’ policy, in response to the two weeks warning strike.

In a statement signed by Joe Ajaero, the NLC President, the Union expressed concern over the persistent crisis in Nigeria’s public education system, marked by chronic underfunding and a failure to honour agreements.

‘We serve notice that if, after this two-week warning strike, the government remains unresponsive, the NLC will not stand idly by.

‘The NLC will convene an emergency meeting with its affiliates in the tertiary education sector to develop a comprehensive strategy for engaging the government.’

The Union blamed the federal government’s continued refusal to implement agreements voluntarily reached with lecturers and workers, which it said ‘is undermining public tertiary institutions.’

‘The commencement of a two-week warning strike by the Academic Staff Union of Universities (ASUU) is a direct consequence of the Federal Government’s refusal to honour collectively bargained agreements. This action is a necessary response to the neglect of a fundamental pillar of our society.’

The Union noted that rather than engaging in good faith to resolve the crisis, the government has resorted to the unproductive threat of ‘No Work, No Pay.’ This misrepresents the situation.

‘The breach of contract lies with the state, not the scholars. The lecturers are willing to work, but the government, by reneging on its commitments, has made it impossible for them to do so with the dignity and conditions their profession deserves. The core principle remains: ‘No Pay, No Work.’

The NLC also noted that the struggle extends beyond an isolated industrial dispute, adding that ‘it reflects a broader societal issue. While the children of the elite attend private institutions or study abroad, the children of the working class and the poor are left in a public education system being systematically weakened.

‘This creates an educational divide that limits social mobility and perpetuates inequality. An educated populace is essential for a progressive nation, and the current approach appears designed to reserve quality education as a commodity for the privileged few.

‘In light of this, the Nigeria Labour Congress hereby declares its full solidarity with ASUU and all other unions in the tertiary education sector.

‘The Union therefore, called on the Federal Government to immediately set aside its threats and address the core issues in the negotiated agreements with ASUU.

‘The struggle of ASUU is our struggle. The fight for public education is a fight for Nigeria’s future. We will no longer allow these unions to stand alone.

‘We demand that the Federal Government use this two-week window to present a concrete plan for the full implementation of all agreements.

‘The choice is clear: honour the agreements and salvage public education, or face the resolute and unified force of the entire Nigerian workforce.’

Nigeria’s e-commerce landscape is undergoing rapid transformation. From fashion and gadgets to groceries and beauty products, more Nigerians are shopping online than ever before.

According to DataReportal, the country recorded 103 million internet users as of January 2024, with digital payments and smartphone penetration driving a surge in online retail.

But while opportunity abounds, so does competition. Thousands of small businesses now trade daily across Instagram, WhatsApp, and local marketplaces. For many entrepreneurs, the challenge is no longer getting online-it’s standing out and building a business that lasts.

Kehinde Ogundare, country head of Zoho Nigeria, outlined six actionable strategies that can help e-commerce entrepreneurs in Nigeria grow beyond social media metrics and build sustainable, trusted brands.

1. Focus on a niche, not the crowd

Ogundare emphasised that one of the biggest mistakes online sellers make is trying to appeal to everyone. ‘The internet gives you reach, but success comes from focus,’ he said.

Instead of chasing mass appeal, businesses should identify specific audiences whose needs they understand deeply, whether that is fitness enthusiasts, parents, or tech-savvy students. A niche approach allows for more targeted messaging, pricing, and product design. It also builds credibility and customer loyalty faster than generic marketing, especially for small businesses with limited advertising budgets.

2. Build relationships beyond social media

While social platforms are powerful for visibility, Ogundare warned that they are also unpredictable. ‘Algorithms change, engagement drops, and overnight, you can lose access to your followers,’ he noted.

He advised entrepreneurs to diversify their communication channels through email newsletters, WhatsApp communities, and loyalty programs. These create direct, reliable touchpoints with customers and allow brands to share updates, provide support, and offer exclusive value beyond discounts. ‘Consistent, meaningful engagement builds trust that lasts longer than trends,’ he said.

3. Use data to understand customer behaviour

Every click, search, and abandoned cart tells a story. Ogundare encouraged e-commerce owners to rely on data to make smarter decisions.

By studying analytics and feedback, sellers can uncover what drives or discourages purchases. For instance, high drop-off rates during checkout may indicate payment issues or unclear delivery options. Fixing such friction points can immediately boost conversions. ‘Data eliminates guesswork-it helps you build experiences your customers actually enjoy,’ he said.

4. Create content that answers real questions

Trust remains a major barrier for online shoppers in Nigeria. Many consumers research extensively before buying, especially from lesser-known brands. To address this, Ogundare recommended that businesses produce clear, useful content that educates customers.

‘Your website and social pages should answer the questions people are already asking,’ he said. A skincare brand might share guides on ingredients and routines, while a tech store could publish short explainers on product features. When brands become helpful sources of information, customers see them as credible and dependable.

5. Explore automation and AI for efficiency

Artificial Intelligence (AI) is transforming small business operations globally-and Nigeria is no exception. Ogundare noted that automation tools, from chatbots to inventory tracking systems, can save time and improve accuracy.

‘AI isn’t about replacing people; it is about freeing up your time to focus on what matters most, which include understanding and serving your customers,’ he said. Even simple AI-driven tools can analyze buying patterns, manage stock levels, and personalize recommendations, giving small businesses the same efficiency edge as larger competitors.

6. Build credibility through customer voices

In a marketplace filled with choices, reputation is currency. Ogundare urged businesses to highlight real customer experiences. ‘Nigerians trust what other Nigerians say,’ he explained.

Displaying verified reviews, testimonials, or user-generated content builds social proof and reassures potential buyers. Encouraging customers to share feedback not only strengthens trust but also shows transparency and confidence in the brand’s products.

Building for the long term

Ogundare concluded that sustainable e-commerce growth in Nigeria isn’t about chasing every new platform or pouring money into ads. ‘It is about clarity, consistency, and connection,’ he said.

As Nigeria’s digital economy continues to expand, the entrepreneurs who will thrive are those who invest in relationships, learn from data, and put customer trust at the center of everything they do.

In a crowded digital marketplace, likes and followers may spark visibility-but authenticity, focus, and service will sustain the journey.

He also touched on recent developments in local content enforcement, revealing that PENGASSAN had signed an agreement with Sterling Oil Company aimed at limiting expatriate dominance and ensuring Nigerian workers are trained to take over jobs.

On the occasion of Nigeria’s Democracy Day, Osifo reminded the Federal Government that the true spirit of June 12 lies in delivering good governance and improving citizens’ welfare.

‘ThisDay’ newspaper of June 3, 2025. Front page Headline: ‘FG: DESPITE CRITICISM, CNG INITIATIVE HAS ATTRACTED $500M, CREATED OVER 10,000 JOBS’

(from Emmanuel Addeh in Abuja)

‘Despite initial takeoff challenges, the coordinating office of the Presidential Compressed Natural Gas Initiative (PCNGI) said it attracted $500 million in investment and created 10,000 jobs nationwide in less than one year.

Besides, the secretariat noted that at least 255 new conversion centres had been established, while 53 daughter stations for refilling had been inaugurated.

In a statement in Abuja yesterday, Programme Director and Chief Executive of the PCNGI, Michael Oluwagbemi, noted that in spite of the criticisms that have trailed the initiative, close to 100,000 vehicles have been converted, from a mere 4,000 hitherto.

One major issue with the programme has been the reported inadequate infrastructure, as there are too few Compressed Natural Gas (CNG) refuelling stations and conversion centres across the country compared to the demand by motorists, particularly outside major urban areas.

Describing a key newspaper report on the alleged gaps in the programme as ‘alarmist’, being barely seven months old in operation nationwide, Oluwagbemi stated that before the current push, there were hardly any CNG vehicles on the roads and no demand at the few 11 CNG stations nationwide since a 2017 pilot by the Nigerian National Petroleum Company Limited (NNPC).

‘This is a result of massive incentives provided by the administration and the breakthrough in awareness due to the economic benefits of the switch. Nigerians love CNG, and the programme is working.’

‘One year out, we are pleased that even the doubting Thomases are singing a new tune. With over 50,000 vehicles and rising to 100,000, the queues at CNG stations are naturally going to rise because of such an unprecedented increase (from a mere 4,000) in vehicle count.

This is a result of massive incentives provided by the administration and the breakthrough in awareness due to the economic benefits of the switch. Nigerians love CNG, and the programme is working.

Indeed, the private sector, as well as public partners that will develop the necessary infrastructure to meet the rising demand of CNG vehicles, are taking note. Just last week, two new daughter stations in Abuja were commissioned, with AY Shafa and Femadec investing in these ventures,’ Oluwagbemi added.

According to him, over 175 stations are being rolled out nationwide by various partners, explaining that just last week, the Midstream Downstream Gas Infrastructure Fund (MDGIF) awarded 10 new equity investments to develop their various gas projects.

‘Three of them were focused on developing CNG stations. This was in addition to four of the six initial N123 billion investments made last year by MDGIF being directed at the sub-sector. In one year, the CNG sector has attracted over $500 million in investments and created over 10,000 direct jobs. 255 new conversion centres that didn’t exist last year and 53 daughter stations exist today as a result of some of those investments.

‘Nigeria is making progress with respect to CNG infrastructure, but engineering feats take time. It took over 70 years to get addicted to petrol and diesel. It will take more than seven months to be weaned off the addiction,’ Oluwagbemi added.

‘Guardian’ newspaper of June 2, 2025.

Front page headline: ‘ECOWAS ENDORSES DANGOTE REFINERY AS PETROLEUM SUPPLY BACKBONE’

(By Waliat Musa)

‘President of the Economic Community of West African States (ECOWAS) Commission, Dr Omar Touray, has described the Dangote Petroleum Refinery as a transformational project with the capacity to meet the petroleum needs of Nigeria and the entire West African region.

Touray, who led a high-powered ECOWAS delegation on a working visit to the 650,000 barrels-per-day (bpd) facility in the Lekki Free Trade Zone (FTZ), Lagos, lauded the refinery as a ‘beacon of hope for Africa’s future’ and a demonstration of what the private sector could achieve in driving regional industrialisation.

Moved by the scale and sophistication of the facility, the ECOWAS Commission President said, ‘What I have seen today gives me a lot of hope, and everybody who doesn’t believe in Africa should come here. Visiting here will give you more hope because this is exactly what our continent should focus on.

We have seen something I couldn’t have imagined, and really, the capacity in all areas is impressive. We congratulate Dangote for this trust in Africa because I think you do this only when you have the trust, and he has a vision for Africa, and this is what we should all work to encourage.’

According to Touray, the refinery, which produces Euro V standard fuels, is critical to helping the sub-region meet its 50 ppm sulphur limit for petroleum products, a standard many imported fuels fall short of.

Presidency has dismissed reports which indicated that Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, is seriously ill, adding that President Bola Tinubu is shopping for his replacement.

Some online news reports had indicated that the Minister was bedridden and therefore unable to continue in office, making it necessary for the President to commence a search for his replacement.

Edun, a seasoned economist, banker, and former Lagos State Commissioner for Finance, has been widely credited with steering Nigeria’s fragile economy through some of its most challenging moments since Tinubu assumed office,, in May, 2023.

The online reports had claimed that Edun who had been instrumental to shaping the nation’s economic and financial plans, was ‘ seriously ill, adding that the President is looking for his replacement

The report was further fueled by a Presidency statement which stated that the Minister who usually leads the Federal government delegation to the annual World Bank and International Monetary Fund Meeting in Washington DC, which opens on Monday, October 13, has been replaced by Oluyemi Cardoso, Governor of the Central Bank of Nigeria.

But Onanuga, while reacting to the Social media reports in a telephone chat with BusinessDay, stated that although the ‘Minister was indisposed, he is currently recovering’

‘ Contrary to the reports by the Social Media, the Minister is not incapacitated and like I said before, he is currently recovering’

Onanuga, in a statement on Sunday, said Cardoso, as the alternate Governor, replaces the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who is indisposed.

The Nigerian team will also comprise the Minister of State for Finance, Doris Uzoka-Anete.

According to the World Bank, key elements of the Annual Meetings include the Development Committee Plenary session on October 16 and the International Monetary and Financial Committee meetings on October 17.

‘Other featured events include regional briefings, press conferences, and fora focused on international development, the global economy, and financial markets’ the statement said.

The University of Jos on Monday joined the two-week warning strike declared by the Academic Staff Union of Universities (ASUU), effectively grounding all academic activities on campus.

When BusinessDay visited the university, lecture halls were empty, and there were no signs of teaching or learning.

The university’s main gate was partially closed, indicating limited access, while students lingered around without direction. Notably, academic staff were absent from campus, in line with the nationwide strike directive issued by ASUU’s national leadership.

Jurbe Joseph Molwus, a professor and chairman of ASUU, UniJos chapter, confirmed the development in a telephone interview with BusinessDay.

He said the branch had fully complied with the national directive, and there would be no reversal until further notice. ‘We are fully on strike. There is no going back,’ he stated.

The warning strike, declared last week by ASUU, is aimed at drawing attention to the federal government’s failure to implement previous agreements, poor funding of public universities, and unresolved welfare issues affecting lecturers across Nigeria.

With UniJos joining the strike, academic activities have now halted in several federal and state universities, leaving students stranded and uncertain about the continuity of their academic programmes.

Governor Seyi Makinde of Oyo State, on Monday, revealed that building a strong political party comes before his presidential ambition.

This is as the Governor has vowed to ensure that Oyo State gives the Peoples Democratic Party (PDP), one of the best organised national conventions ever.

Makinde who is the Chairman of the Transportation sub Committee of the November elective convention, warned those who may be working against the Convention to desist from such as they will be standing against ‘a moving train.’

Makinde, while speaking on plans for the convention coming up between 15 and 16 of November, noted that the action so far represent demonstration of the fact that the National Convention train has moved.

‘Whoever is trying to stop a moving train is probably also trying to commit suicide.’

‘So, my advice is, please, no matter how highly placed, no matter what has transpired in the past, we don’t want to see anyone dead. So, please don’t commit suicide.’

The Governor who served as secretary of the last PDP convention, said he accepted to serve in lower capacity, in the ‘spirit of doing everything and anything to put our party on the path that Nigerians would love to see

‘We decided that no amount of assignment is too small or too big. So, if they like, let them say I should be the one to clean the floor in Ibadan.For the sake of this party, for the sake of democracy in Nigeria, I will gladly do it.

‘We’ll start our job right from when the delegates want to step out of their various states, and we’ll manage the process all the way to Ibadan, and back to their various states after a successful national convention.’

He assured that the committee will not be distracted from the job of ensuring smooth movement of all delegates to the convention

Also speaking on his 2027 ambition, Makinde said ‘ Well, I already said to people several times, I’m old enough to set an agenda for myself.

‘For us, we must have a party before anyone can have an ambition.

‘So all the efforts right now, except you’re saying that, no, forget about having a party. Just focus on ambition. So nobody’s going to set an agenda for me.

‘First thing first, our first step is to put our best effort, the best foot forward to ensure that your state is able to host the best national convention ever in the history of PDP. And that is exactly what we’re focused on.’

Speaking also on defections from the party, Makinde noted that it is the right of those defecting to make their decision

‘Being a member of a political party is something that is voluntary. It means you are ready to submit yourself to the constitution of the party that you are joining. And people may sometimes think that managing people, managing political parties, managing governance processes are very simple. They’re not.

‘They’re actually very complex and complicated. Yes, no party should condone indiscipline.

‘But having said that, you have to go through a process. You have your constitution. Our constitution has been framed such that even when people have issues with the party, when you have issues bordering on discipline, there’s still a process.

‘We don’t want to wake up and say, oh, okay, somebody has been expelled or suspended. Democracy is a process of governance that has a process. It’s not like in the military.’

He noted that the party is still in the process of having a system that is robust enough.

‘But we shall get to a point where people will get what they deserve in terms of what they’ve done to the party.’

On his assessment of the ruling APC, he said ‘ people of Nigeria, they are not blind. They know.

‘The people of Nigeria, they know. So what we can give you the assurance that we’re not going to spend our energy and time talking about what they should have done or they shouldn’t have done this, because Nigerians are aware. They are more aware than we leaders are even giving them credit for.

‘But the PDP you will see post-convention, with new leaders, new heroes coming up, will be a PDP that will come out boldly to tell Nigerians what they will do for them. And it will be in black and white, such that we can be held accountable.’

A delegation from International Container Terminal Services Inc. (ICTSI) has met with Adegboyega Oyetola, Nigeria’s minister of marine and blue economy to discuss the next phase of expansion and operational improvements at the Onne Multipurpose Terminal in Rivers State.

The meeting, held in Abuja, was led by Farouk Aliyu, chairman of ICTSI Nigeria, and Nicolo Scannavini, managing director of Onne Multipurpose Terminal (OMT). Their discussions centred on exploring strategies for future expansion and efficiency enhancement in line with the federal government’s plans for the blue economy.

Oyetola commended ICTSI for its continued investment in Nigeria’s maritime sector, describing the company as a dependable partner in the nation’s efforts to build a globally competitive port system.

‘We will continue to work with credible private investors like ICTSI to unlock the immense potential of our blue economy,’ he said.

Since beginning operations in 2021, the Onne Multipurpose Terminal has become a notable logistics hub, handling containers, break bulk, project cargo, and roll-on/roll-off shipments.

In June, it became one of the first terminals in West Africa to receive an LNG-powered container ship, the Kota Oasis, flying the Singaporean flag. The terminal has also invested in local community projects, including water supply schemes and youth empowerment programmes in Ogu and neighbouring areas.

Super Eagles head coach Eric Chelle and captain William Troost-Ekong have urged Nigerians to come out in mass to support the team ahead of Tuesday’s crucial 2026 FIFA World Cup qualifier against Group C leaders Benin Republic in Uyo.

The Nigerian delegation, returning from their 2-1 victory over Lesotho in Polokwane, safely arrived at the Obong Victor Attah International Airport on Sunday morning after a mid-air scare forced their aircraft to make an emergency landing in Luanda, Angola.

Speaking after Nigeria’s 2-1 win over Lesotho, Chelle praised his players’ resilience and urged Nigerian fans to create a charged atmosphere to spur the team on against Benin.

‘I’m proud of my players and I congratulate them. Since March, we’ve been under immense pressure because for Nigeria, qualifying for the World Cup is not optional,’ Chelle said.

‘We need our fans to be behind us and make it tough for Benin. This is a World Cup qualifier; the game starts the moment they step into our country. We must do the job on the pitch.’

Captain Troost-Ekong echoed Chelle’s comments, calling on Nigerians to turn up in numbers and show unwavering belief in the squad.

‘We’ve been through a lot, even on this trip home, but the team’s spirit is strong,’ Troost-Ekong said.

‘We’re asking all Nigerians to stand with us. Your support makes the difference. Together, we can take another big step toward qualifying for the World Cup.’

Tuesday’s decisive encounter between Nigeria and Benin Republic, two of the three teams still in contention for Group C’s sole automatic World Cup ticket, will kick off at 5 p.m. at the Godswill Akpabio Stadium.

Olatunbosun Oyintiloye, a chieftain of the All Progressives Congress (APC) in Osun State, has called on Nigeria’s Service Chiefs to adopt a more ruthless approach in tackling violent crimes and terrorism across the country.

Speaking with journalists on Sunday in Osogbo, the former lawmaker and member of the defunct APC Presidential Campaign Council (PCC) expressed deep concern over the recent surge in killings by suspected bandits in parts of Kwara, Borno, Zamfara, and Niger States.

He urged heads of security agencies to ‘take the bull by the horns’ and deal decisively with the perpetrators and their sponsors.

Oyintiloye acknowledged that the security agencies had been making concerted efforts to curb insecurity but stressed that ‘more needs to be done’ to eliminate the lingering threats.

He said many Nigerians still live in fear and uncertainty despite ongoing military operations against terrorist groups.

‘There is no doubt that the Service Chiefs are doing their best to stop the killings by bandits, but they need to be more ruthless with them until insurgency is completely quenched in our land.

‘They should also look inward to fish out those sabotaging their efforts within the system to restore public confidence in the nation’s security institutions’, Oyintiloye said.

He emphasised the importance of leveraging local intelligence networks to strengthen the fight against terrorism, noting that involving community stakeholders and local vigilante groups in intelligence gathering could help preempt attacks and disrupt the operations of criminal networks.

Oyintiloye also advised security agencies to target the financial structures supporting terrorist groups, saying that cutting off their funding sources would significantly weaken their capacity to operate.

The APC chieftain commended President Bola Tinubu and the National Assembly for their continued support and funding of the security sector, which he said has enhanced the ability of the military and police to combat violent crimes.

Expressing optimism about Nigeria’s ability to overcome its current security challenges, Oyintiloye said the war against terrorism and banditry could be won through ‘collective patriotism, honesty, and a positive mindset’ among all Nigerians.

‘With the cooperation of all stakeholders, and a sincere commitment from every Nigerian, our country will surely defeat the menace of insecurity,’ he added.

This is the third in my series on the long-term strategic imperatives before the Nigerian National Petroleum Corporation Limited (NNPCL), which should be to exit the midstream and downstream petroleum sectors in the short to medium term and concentrate on accelerating the development of Nigeria’s upstream assets to optimise the nation’s overall gains from upstream operations. The overall strategy would be to privatise the entire organisation within a ten-year time horizon, following British Petroleum’s (BP) privatisation model, which took nine years. NNPCL can remain a ‘national oil company’ vigorously pursuing Nigeria’s national interests in the upstream oil and gas sector without necessarily being owned by the government. This article, however, is the second and concluding part of last week’s article, which focused on the privatisation of NNPCL’s midstream assets, or its four petroleum refineries.

Last week’s article dealt extensively with the series of turnaround management (TAM) of the four refineries and the billions of dollars allegedly spent over a period of four decades, with very little results. The article took the position that the management and employees of the four NNPCL refineries and the entire NNPCL are no less competent, nor are they inherently more corrupt or unprofessional, than their colleagues elsewhere in Nigeria and beyond, but that the main factors responsible for the poor performance of the refineries over the years have been government ownership, political interference in their day-to-day operations and the loss of financial autonomy by NNPC in the 1990s under the military, which meant that decisions concerning maintenance and contracting were no longer made by NNPC professionals but by government officials.

While last week’s article focused on the technical, financial management and governance challenges that constrained the effective operation of the refineries, this article will concentrate on the human and political dimensions, which are the core issues.

If the NNPC refineries had been owned by private concerns or managed professionally, without political interference, they would either have been sold a long time ago or made to work. For example, the Warri Refinery has been shut down since 2004 due to technical issues, principally safety concerns over its crude distillation unit’s main heater. Likewise, the Kaduna refinery has been shut down since 2015 due principally to technical issues and pipeline vandalism. On September 10, 2020, Mele Kyari, Group Chief Executive Officer of NNPC, announced that NNPC management had taken a deliberate decision to close down all four of its refineries, one or two of which could at the time have been operating at best nominally. In its 2023 audited financial report, NNPCL revealed that all four refineries were indebted to the tune of N4.5 trillion, which meant that the refineries, even while they were shut down, were still incurring costs, and idle workers were being paid a total wage bill of N68 billion annually for work not done. These were some of the huge operational losses sustained by NNPC in the running of the refineries over the years, which were only conceivable under the atmosphere of intense political interference in the daily operations of the corporation over the past decades. This is apart from the huge financial losses associated with poor TAM contract governance.

‘What that means is that there are widespread, interconnected, extraneous vested interests in the operations of NNPC that have been well entrenched for decades and that are difficult to dislodge just by fiat for political reasons.’

The idea of selling off the four inoperable NNPCL refineries is going to be a hard sell to Nigerian politicians, principally because the oil and gas sector has always been seen as a trophy to be competed for and a prize to be won and as the spoil of war in Nigeria’s peculiar brand of politics, where contestants can go to any extent to secure victory. The billions of petrodollar annual windfall revenue was the key reason military dictatorship persisted in Nigeria for decades and the reason for coups and counter-coups and unnecessarily prolonged political transition programmes. So the ‘soldier of fortune’ syndrome, after years of intense political pressure, reluctantly gave way to the syndrome of ‘politics of extraction’, where the primary motive of political governance seems not to be service but personal gain for many, or perhaps most, politicians. This is the peculiar political governance scenario that has negatively impacted governance across the board in Nigeria and the oil and gas sector in Nigeria, particularly severely. It is going to take tremendous political will by the current political leadership in Nigeria, specifically President Bola Ahmed Tinubu, to make an impactful dent on the prevailing technical, operational and financial governance of the oil and gas sector.

But political interference is strictly not limited to politicians alone. If one were to develop an artificial intelligence algorithm for ingenious geospatial analysis to determine the geographical spread of the political influences on NNPC operations (relying on some insider knowledge), the resulting outcome may be shocking. What that means is that there are widespread, interconnected, extraneous vested interests in the operations of NNPC that have been well entrenched for decades and that are difficult to dislodge just by fiat for political reasons.

Then, there are, of course, the labour unions in the Nigerian oil and gas sector, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG). These are powerful industrial unions that have consistently stood in the way of reforms in the oil and gas industry for decades, particularly about the privatisation of the four NNPC refineries. Their stand is understandable because one of the key goals of an industrial union is to protect the jobs of its members. However, in the specific case of the four NNPC refineries, which have been technically inoperable or moribund for decades and incur huge losses even in their inoperable state, the stand of the labour unions is not justifiable. What they should be demanding is a win-win outcome for all parties: the employers, NNPCL, the employees, the Nigerian people and the economy. And a win-win outcome can always be worked out. First will be an agreement by all parties that the best economic decision will be to sell or scrap the four inoperable refineries, which will save the NNPCL and the government from continuing to incur trillions of naira of avoidable cost, which will put an end to a decades-long history of monumental waste. Second is to offer the employees, members of PENGASSEN and NUPENG, mouth-watering golden handshakes they cannot refuse. Third, NNPCL should contract employment agencies to find jobs for younger and mid-career professionals and workers among them. Fourth, employees close to retirement should be given sufficient entrepreneurship training and encouraged to form partnerships and companies they can use to find jobs in the oil and gas sector, including maritime and logistics and beyond, as contractors, subcontractors, oil and gas servicing companies, and downstream oil and gas operators, among others. In addition, they should all be given intense financial and investment education to know how to invest and manage their post-NNPC employment benefits and pensions. Benefits for the consuming public include the availability of good-quality petroleum products at affordable prices from efficiently run refineries. The benefits for the economy include seamless petroleum product supply chain management, a significant contribution to the gross domestic product (GDP) by the oil and gas sector, and a beneficial impact on the naira exchange rates.

Retaining the four refineries has been at a huge cost to NNPCL and the Federal Government and the Nigerian people at large. Besides, it has been a great distraction to the management of NNPCL, which should be replotting its strategic direction to focus more intently on growing Nigeria’s upstream assets.

Against the foregoing, it is obvious that the decision for NNPCL to sell or scrap its four refineries and exit the midstream petroleum sector is not one its management can make alone. It is also going to be a tough economic decision for President Bola Ahmed Tinubu to make, as it will generate far-reaching political reverberations. But it is a decision the president should make in the national interest and as part of the overall package of decisions to achieve a trillion-dollar economy by 2030 or thereabouts, which, in my view, is achievable if we can put our minds to it.