Titus Okunrounmu, a former director of the research department at the Central Bank of Nigeria (CBN), has advised the federal government to build new refineries.

Mr Okunrounmu said in an interview with journalists on Sunday in Ota, Ogun State, that the intervention would give the federal government the opportunity to tackle any international crisis or turmoil that may arise in the sector, as is currently being witnessed in the Middle East.

The former CBN director commended Aliko Dangote for building a state-of-the-art refinery that has helped stabilise petrol prices and ensure a steady supply for the people.

“The petrol prices would have skyrocketed beyond a reasonable price if not for Dangote Refinery, which is in place.

“The federal government needs to build new refineries that would complement the Dangote refinery in order to absorb any international shock or crisis.

“Also, there is an urgent need to repair some of the country’s refineries and ensure transparency and accountability in the petroleum industry to boost revenue generation,” he said.

Mr Okunrounmu noted that some of the funds generated from the petroleum sector could be used to develop other sectors of the economy.

This, he said, would create job opportunities and stimulate further economic growth.

He also appealed to the federal government to provide a steady crude supply to Dangote Refinery so it can operate optimally and reduce importation.

(NAN)