The Chief Imam of Egbaland, Sheikh Sa’ad Bamigbola has called on the Federal Government to allow more private refineries in order to revamp Nigeria’s economy.
The Egba Apex Imam, who was installed last week Thursday in Abeokuta, said this in his acceptance speech as Chief Imam of Egbaland.
He advised the federal government to allow more private sectors to invest in the refining of crude oil and produce petroleum products, adding that this would save the country a lot of foreign exchange.
He argued that if the federal government sets up another body, it should limit itself to buying (60%) sixty percent of these products off the the private refinneries, thereby generating enough revenue to boost the country’s economy and foreign exchange.
Chief Imam Bamigbola further stated that the initiative would create employment opportunities for many young Nigerians.
He also urged that public-private partnership should be encouraged in the generation and transmission of energy, adding that electricity generation would reduce cost production and boost Nigeria’s wealth.
Chief Imam Bamgbola expressed unhappiness whereby the Power Generation Company forces the Transmission Company and Distribution Companies to pay for all power generated whether used or not used.
Sheikh Bamigbola said there were local and foreign investors willing to invest in the two sectors for the greater development of Nigeria.