President of Nigeria Economic Society Criticizes Dangote Refinery and NNPCL for Fuel Pricing Issues

In a recent interview with The Vanguard, Prof. Adeola Adenikinju, the President of the Nigeria Economic Society, expressed his dissatisfaction with the lack of transparency in fuel pricing, especially following the start of operations at the Dangote Refinery.

He noted that instead of a decrease in the price of Premium Motor Spirit (PMS), there has been an increase, raising doubts about the effectiveness of privatization efforts aimed at replacing governmental inefficiencies with the advantages of the private sector.

Adenikinju argued that local production should ideally lead to a cost reduction of 10 to 15%, but current trends indicate no change in prices. He urged the Nigeria National Petroleum Corporation Limited (NNPCL) to disclose clear pricing information to help rebuild public trust.

He also criticized the government’s handling of the zero-duty food import policy, stating that a lack of communication has created confusion among the public about its implementation. He stressed the importance of continuous dialogue to assure citizens that government programs are moving forward effectively.

Discussing the issue of inflation, which is among the highest in the world, Adenikinju highlighted that rising food prices—primarily due to insecurity driving farmers into internally displaced persons (IDP) camps—are a major factor.

He emphasized the need for collaboration between monetary and fiscal authorities, arguing that simply raising interest rates will not address the underlying causes of inflation.

Overall, Adenikinju called for comprehensive measures to improve food security, bolster agricultural production, and stabilize the economy, underscoring the necessity of effective governance and communication.