Former Nigerian President Olusegun Obasanjo has shed light on a historic miss in the management of Nigeria’s oil sector, revealing that the Nigerian National Petroleum Corporation (NNPC) declined a $750 million offer from billionaire Aliko Dangote in 2007.
Dangote’s Management Proposal Rejected
In an interview with Channels TV, Obasanjo detailed how Aliko Dangote, through a Public-Private Partnership (PPP), proposed to manage the Port Harcourt and Kaduna refineries. Despite the substantial investment, the NNPC, now known as the Nigerian National Petroleum Company Limited (NNPCL), declined, asserting its capability to manage the refineries on its own.
Obasanjo’s Critique of Leadership and Management
Obasanjo recounted his conversation with his successor about the refund of the payment made by Dangote, highlighting his skepticism about NNPC’s ability to effectively run the refineries. He has long been vocal about the inefficiencies plaguing Nigeria’s refineries and the broader mismanagement in the oil sector, attributing some of the country’s current economic challenges to such past decisions.
A Call for Optimism Amidst Hardship
Reflecting on Nigeria’s economic landscape, Obasanjo urged citizens to maintain hope despite the ongoing difficulties. He suggested that the nation’s current state is not its destined fate and encouraged a collective effort towards improvement, acknowledging that both leadership and public action have contributed to the current situation.
Revisiting Public-Private Partnerships
This revelation has sparked renewed debate over the potential benefits of public-private collaborations in Nigeria, particularly in sectors critical to national development like oil and gas. The missed opportunity with Dangote underscores the need for reevaluating how Nigeria manages its resource-rich sectors, potentially with more private sector involvement to enhance efficiency and productivity.
