The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigerians should be grateful for the country’s growing ability to process its own crude oil.
Speaking on Wednesday during a live interview on Channels Television’s Politics Today, Edun noted that the private sector’s investment in refining is what is currently keeping the Nigerian economy steady.
He explained that having local refineries helps the country survive global “shocks“—sudden changes in the world market that usually cause financial trouble.
According to the minister, the resilience of the Nigerian economy is no longer just a theory but a reality driven by physical infrastructure.
He specifically pointed to the multi-billion dollar investment by the private sector, led by Aliko Dangote, as the main reason Nigeria is in a “relatively strong position” compared to other nations.
The Power of Private Investment
“I think we should be thankful at this time for the capacity we have in Nigeria to refine crude into petrochemicals and petroleum products,” Edun said during the broadcast.
He added that the government must continue to support local refiners to ensure that fuel and other essential products keep flowing without interruption.
The minister’s comments come at a time when global oil prices are swinging wildly due to the ongoing conflict in the Middle East.
Edun clarified that the recent changes in petrol prices in Nigeria are a result of “natural dynamics of the market” rather than government interference.
He noted that even global powers are now looking backward to secure their energy future.
“America is now rushing to open another refinery,” the minister remarked, referring to the recently announced $300 billion America First Refining project in Texas—the first new major refinery in the U.S. in 50 years.
Edun concluded by assuring Nigerians that the country is “on its way out of the woods” and that the government’s focus remains on market-based pricing to ensure long-term stability and growth.
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