Human rights lawyer and activist Dele Farotimi has criticised Nigeria’s approach to managing its oil resources, warning that poor planning and lack of clear direction are preventing the country from maximising its economic potential despite its vast crude oil reserves.
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Farotimi made this known in a viral video, where he argued that Nigeria has failed to build a strong value chain capable of supporting sustainable economic growth and stability.
Push for More Refineries
He emphasised the need for Nigeria to shift focus from exporting crude oil to refining it locally. According to him, the country has the capacity to operate multiple refineries but has not fully utilised it.
Farotimi noted that with proper planning and commitment, Nigeria should be able to run several functional refineries, which would significantly boost the economy.
Worries Over Fuel Prices
The activist also expressed concern over the rising cost of petroleum products, explaining that global events continue to influence local fuel prices.
He pointed out that even major facilities like the Dangote Refinery still depend on foreign crude, despite Nigeria’s abundance of the resource. He warned that this could keep fuel prices high, especially amid ongoing global tensions affecting the oil market.
Missed Opportunities
Reflecting on Nigeria’s past, Farotimi stated that the country once ranked among the world’s top crude oil producers but has not translated that advantage into meaningful benefits for its citizens.
He stressed that the nation’s continued vulnerability to international developments shows how much potential remains untapped.
Leadership and Vision Concerns
Farotimi further criticised what he described as a lack of long-term vision among leaders, noting that without a clear national purpose, progress would remain limited.
He concluded by urging policymakers to prioritise value addition to Nigeria’s raw materials rather than relying heavily on crude oil exports.
