The Nigerian Coalition of Civil Society Organizations (NICOCSO) has called on President Bola Tinubu to urgently launch an investigation into cabals impeding the progress of local refineries and perpetuating the importation of Premium Motor Spirit (PMS).

The coalition held a press conference in Abuja on Wednesday, 6th November 2024, to address the important national issue.
NICOCSO’s National Coordinator, Benjamin James, who addressed journalists expressed deep concerns over the actions of a powerful group prioritizing self-interest over the nation’s economic well-being.

As contained in the press release issued to journalists by NICOCSO’s National Spokesperson, Segun Adebayo, it highlighted the detrimental impact of fuel importation on Nigeria’s economy, emphasizing the billions lost in foreign exchange annually and the vulnerability to global market fluctuations.

The coalition condemned the sabotage of local refining investments, particularly efforts like the Dangote Refinery, which aim to achieve fuel independence but face obstruction from vested interests.

NICOCSO called on President Bola Ahmed Tinubu to intervene and caution the NNPC cabal against actions that could lead to economic crises.

The coalition urged for a transparent probe into the cabal’s activities and proposed a policy shift mandating the sale of Nigerian crude oil to local refineries in Naira. This, they argued, would empower local investors, preserve foreign reserves, and strengthen the economy while stabilizing fuel prices domestically.

In a final plea for public support and accountability, NICOCSO called on all Nigerians, civil society organizations, and the press to stand together in demanding transparency and fairness in the fuel sector.

The coalition emphasized the importance of breaking the monopolistic grip of those hindering progress and building a Nigeria that prioritizes economic sovereignty and local industry empowerment.

As Nigeria stands at a critical crossroads, NICOCSO remains hopeful that President Tinubu’s administration will take decisive action to hold accountable those obstructing the nation’s economic growth.

The coalition believes collective advocacy and leadership would help Nigeria pave the way for a prosperous and self-reliant future.