{"id":7059,"date":"2026-11-03T02:31:09","date_gmt":"2026-11-03T02:31:09","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/03\/ill-revive-nigerias-four-refineries-if-elected-adebayo-businessday-ng-2\/"},"modified":"2026-11-03T02:31:09","modified_gmt":"2026-11-03T02:31:09","slug":"ill-revive-nigerias-four-refineries-if-elected-adebayo-businessday-ng-2","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/03\/ill-revive-nigerias-four-refineries-if-elected-adebayo-businessday-ng-2\/","title":{"rendered":"I\u2019ll revive Nigeria\u2019s four refineries if elected \u2013 Adebayo \u2013 Businessday NG"},"content":{"rendered":"

Prince Adewole Adebayo, presidential candidate of the Social Democratic Party (SDP), has promised to reduce petrol prices through increased domestic refining, pledging to revive Nigeria\u2019s four government-owned refineries and provide incentives for private operators if elected president in 2027.\n<\/p>\n

Adebayo said his administration would adopt a domestic refining policy that would protect Nigerian consumers from international fuel prices while encouraging refinery owners to invest in production and exports.\n<\/p>\n

He made the pledge during an interview on Nigeria Info\u2019s Road to 2027 programme, where he outlined plans to make petroleum products more affordable without undermining private sector investment.\n<\/p>\n

The SDP candidate proposed long-term tax rebates, regulatory certainty and flexible crude payment arrangements for refinery operators, including a 90-day window to pay for crude supplied by the government.\n<\/p>\n

\u201cWhen I sell crude to you, I give you 90 days to pay. That is twice your throughput. You will have refined the crude, ship it overseas, collect the dollar, then you pay me,\u201d he said.<\/p>\n

According to him, the arrangement would enable refineries to process crude, export petroleum products, earn foreign exchange and subsequently settle their crude obligations.\n<\/p>\n

Adebayo also insisted that Nigerians should not be made to pay international prices for petrol when their incomes were substantially lower than those of consumers in the global market.\n<\/p>\n

\u201cBut you are not going to sell petrol at international prices to a teacher who does not earn an international salary,\u201d he said.\n<\/p>\n

He proposed that the government-owned refineries should serve the domestic market, while private refineries would be encouraged to participate through access to locally produced crude.\n<\/p>\n

\u201cSo, what we are saying is that for our own domestic markets, we have our own four refineries; they are going to work. Secondly, if you, a private refinery, want to participate, we will give you the crude at zero cost because it is domestic crude,\u201d he added.<\/p>\n

Beyond lowering domestic fuel prices, Adebayo said his administration would seek to expand Nigeria\u2019s refining capacity and position the country as a major exporter of refined petroleum products.\n<\/p>\n

\u201cOur government in four years will create even 20 Dangotes for exports; that is why God gave Nigeria a refinery by the water side,\u201d he said.<\/p>\n

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Businessday NG<\/div>\n","protected":false},"excerpt":{"rendered":"

Prince Adewole Adebayo, presidential candidate of the Social Democratic Party (SDP), has promised to reduce petrol prices through increased domestic refining, pledging to revive Nigeria\u2019s four government-owned refineries and provide… <\/p>\n","protected":false},"author":1,"featured_media":7060,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/7059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=7059"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/7059\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media\/7060"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=7059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=7059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=7059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}