By Gift ChapiOdekina, Abuja

The Nigerian Coalition of Civil Society Organizations (NICOCSO) has called for an immediate investigation into a powerful cabal allegedly sabotaging local refineries and promoting the importation of Premium Motor Spirit (PMS), which is detrimental to Nigeria’s economy.

The cabal’s actions are reportedly draining Nigeria’s resources, weakening the Naira, and undermining local enterprises. The continued reliance on PMS importation restricts job creation and hinders the growth potential of industries related to refining.

Speaking at a world press conference in Abuja, an executive of NICOCSO, Solomon Chinemerem urged President Bola Ahmed Tinubu to caution the cabal against actions that could lead Nigeria into economic crises.

The organization demands a transparent probe into the cabal’s activities and advocates for a policy requiring Nigerian crude oil to be sold to local refineries in Naira.

“Today, the Nigerian Coalition of Civil Society Organizations (NICOCSO gathers to address a serious issue endangering Nigeria’s economic progress. We are concerned by a small but powerful cabal that has prioritized self-interest by enforcing policies that burden our economy, particularly regarding the importation of Premium Motor Spirit (PMS).

“Their actions sabotage local refining efforts, perpetuating Nigeria’s reliance on imported fuel, which drains our resources and weakens the Naira.

“The insistence on importing PMS is detrimental to our economy, costing Nigeria billions in foreign exchange annually and leaving the country vulnerable to global market fluctuations. This monopolistic approach undermines local enterprises and disrupts our foreign reserves. It is unacceptable that vested interests prioritize personal gain over the collective well-being of the Nigerian people, obstructing our path toward energy self-sufficiency.

“Investors such as Aliko Dangote have taken bold steps to establish local refineries like the Dangote Refinery, which holds promise for achieving fuel independence. Yet, this cabal has actively sabotaged such initiatives, blocking pathways for local investors and discouraging economic independence in the refining sector. The continued reliance on PMS importation not only restricts job creation but also diminishes the growth potential of industries allied with refining.

“The Governors just recently called for the Marketers and the NNPCL to support Dangote and local refineries and we insist on this or the CSOs will be forced to embark on an advocacy March across the country.

” We call on President Tinubu to order an immediate and transparent probe into this NNPCL cabal’s activities within the fuel sector. Without decisive action, Nigeria’s path to a sustainable economy will remain obstructed by a few individuals seeking profit at the nation’s expense.

“To safeguard Nigeria’s economic future, we also urge the President to implement a policy mandating that Nigerian crude oil be sold to local refineries in Naira. This policy shift would support indigenous investors, preserve foreign reserves, and bolster the Naira, ultimately strengthening Nigeria’s economy and stabilizing fuel prices domestically.

“Selling crude in Naira would signify a strong commitment to developing local industries and ensuring economic stability. It would give local investors a competitive advantage, helping refineries operate at full capacity and fostering a self-sustaining fuel market. The benefits reduced fuel costs, increased job creation, and economic resilience would be felt across the country.