Deregulating Fuel Without Revitalising Refineries Was A Misstep — Senior Advocate Of Nigeria
Paul Obi, a Senior Advocate of Nigeria (SAN) and oil and gas legal expert, has stressed the urgent need to revitalise Nigeria’s public refineries to alleviate the nation’s current economic challenges. According to Obi, the Federal Government should have operationalised at least one or two public refineries before implementing the oil deregulation policy, which has contributed to the current economic difficulties being faced by Nigerians.
Obi shared these insights during an interview with journalists following his conferment with the SAN title, alongside 86 others, at a ceremony in Abuja. He acknowledged the potential benefits of deregulation, noting that it could free up funds for the government and foster healthy competition in the oil industry. However, he pointed out that crucial infrastructure, like the Port Harcourt refinery, should have been made functional prior to the policy changes to soften the blow on Nigerians.
While recognising the positive impact of the privately-owned Dangote Refinery, Obi argued that having public refineries operational would have provided additional support and stabilised the oil sector. “With one or two public refineries working alongside Dangote’s, Nigerians wouldn’t be experiencing the level of economic hardship we see today,” Obi stated, emphasising that the refineries should have been functional before deregulation took effect.
He also commended the government for supporting the Dangote Refinery by supplying crude oil in naira, a strategic move to reduce pressure on the foreign exchange market. However, he reiterated that a functioning public refining sector would have eased economic pressures, lowered fuel prices, and increased competition.
In addition to his comments on the oil sector, Obi expressed optimism about the recent reforms in Nigeria’s judiciary. He highlighted the significance of the new Supreme Court rules, which he believes will expedite justice delivery. He also noted the importance of having a full bench of 21 Justices on the Supreme Court, a development that he hopes will reduce the backlog of cases.
Reflecting on his own experience, Obi shared that two of his appeals were delayed at the Supreme Court for 10 years, from 2013 to 2023. He hopes that with the full complement of justices, such delays will be a thing of the past.
Having practiced law for 34 years, Obi also offered advice to aspiring lawyers seeking the SAN title. He attributed his success to careful preparation, noting that he attained the SAN rank on his first application by ensuring he met all technical qualifications and had his cases in order. He encouraged others to follow the application guidelines meticulously to avoid the frustrations of multiple reapplications.
