By Sharon Akuboh,
A public affairs commentator and political figure, Faduri O. Joseph, the Presidential aspirant for NRM, has called for urgent reforms in Nigeria’s energy sector to reduce the country’s vulnerability to global oil price shocks and ease the hardship faced by citizens.
Speaking on the rising cost of petroleum products amid global tensions in the Middle East, Joseph noted that Nigeria’s continued reliance on refining crude oil abroad has contributed to higher fuel prices for consumers.
According to him, if the country’s refineries were fully operational, Nigeria would be better positioned to benefit from increases in global crude oil prices rather than bear the burden of higher refined product costs.
He explained that exporting crude oil for refining and importing the finished products often leads to higher domestic fuel prices due to additional costs in the supply chain.
Joseph also suggested that the Federal Government should consider policy options that can cushion the impact of fluctuating fuel prices on citizens. While expressing support for measures that provide relief to Nigerians, he emphasized the importance of transparency and accountability in the management of revenues from petroleum sector reforms.
He further noted that many countries adopt temporary measures such as price controls, subsidies, or other regulatory interventions during periods of global energy instability, adding that Nigeria could study such approaches and adapt them where appropriate.
On long-term solutions, Joseph stressed the need for Nigeria to strengthen its energy independence by ensuring that domestic refineries operate efficiently and by promoting local production across key sectors of the economy.
He also highlighted the importance of encouraging local manufacturing and reducing reliance on imported goods, noting that stronger domestic production could help stabilize the economy and create employment opportunities.
The commentator equally emphasized that improved security and an enabling business environment are essential to attract investment and support economic growth.
According to him, a combination of refinery rehabilitation, economic diversification, and policies that promote local production would help Nigeria better withstand global geopolitical crises that often influence oil prices.
Joseph concluded by urging policymakers to adopt forward-looking strategies that will protect citizens from economic shocks while strengthening Nigeria’s long-term energy security.