By God’spower Ede, Lafia.
Nigerian currently operates a mono economic model which depends largely on crude oil, otherwise known as liquid or black gold.
According to the Organisation of Oil Producing Countries OPEC, the country ranks number sixth in the world and first in Africa.
However, this huge potentials bestowed on the nation by mother nature is yet to translate into real economic prosperity for the people due to poor management of the natural resources.
As a matter of fact, the greatest challenge associated with the nation’s oil sector is the government’s inability to harness the potentials of the four national refineries located in Porthacourt, Warri and Kaduna.
For over to two decades, the nation had depended on importation of petroleum products despite being one of the largest exporters of crude oil in the world.
Accordingly, this practice has led to high cost of the products in the country due to high cost of landing the refined products occasioned by the fluctuating foreign exchange in recent years.
Consequently, since the inception of the administration of President Bola Ahmed Tinubu over one year ago, oil prices has witnessed over 600% increase almost beyond the reach of the common man.
While the Government believed the recent increments is a strategic reforms of the economy, the current reality on ground proves contrary and calls for review of the policies as a matter of national emergency.
In fact, as an oil producing nation, Nigerian citizens can barely afford the products because of high cost and most often accute scarcity.
Sadly, the situation has taken its negative toll on the purchasing power of average citizens who can hardly meet their daily needs due to hyper inflation. In the country.
The current realities indicate that most families can hardly feed three square meals a day.
Death rate has equally increased proportionately more than ever before in the nation’s history as most citizens cannot afford medical bills.
There is also high level of schools drop out as most parents can no longer afford to pay the fees of their wards in private schools for lack of functional public schools.
Crime rate in the society has increased exponentially due to loss of jobs, occasioned by the gradual collapse of micro businesses.
Also, the unbearable cost of transportation has crippled movements of goods and services which are the major arteries for socio-economic development of the society.
Therefore, as the nation groans in this suffocating moment, it is obvious that the economy is on a life support in need of oxygen for survival.
Under the current situation, we appeal to the Government to heed to the cries of the helpless citizens to rescue them from the strangulating International Monetary Fund IMF’s policies.
We are however optimistic that the nation may still be able to tackle the current situation by supporting the newly established Dangote Refinery to function optimally devoid of interference.
Similarly, the Government can genuinely fix the four moribund national refineries in Porthacourt, Warri and Kaduna to allow for competition in the oil sector.
Equally, licsences should be granted to other private individuals to establish more refineries in the country in order to break the Monopoly of the cartels in the industry to guarantee products availability and affordability.
Indeed, the above measures when genuinely implemented can serve as the needed tonic that could end the age long oil crisis in Nigeria to breath some form of fresh air to the people.
God’spower Ede is a broadcast journalist and news editor with Nasarawa Broadcasting Service Lafia.