Why Nigeria is no longer Africa’s top petrol importer – Reno Omokri
Former presidential aide and social commentator, Reno Omokri, has said Nigeria’s recent drop from being Africa’s number one petrol importer is a positive indicator of economic transformation driven by increased local production and export.
Addressing newsmen on Friday during a tour of Dangote Refinery, Omokri noted that South Africa has now overtaken Nigeria as the continent’s leading petrol importer, while Nigeria has made significant progress in petroleum export, becoming the largest exporter of refined products in West Africa.
“What’s more important as a Nigerian is the value of the money that you have,” Omokri said. “The naira will only have value when we produce and export, not when we depend on imports. If we don’t replace imports with locally produced goods and services, our currency will keep losing strength.”
According to him, the turnaround in Nigeria’s fuel trade dynamics is a sign that the country is beginning to move towards self-sufficiency in refining and exportation.
“As a matter of fact, we now have a 360 degree turnaround, Nigeria is now the largest exporter of petroleum products in West Africa,” he said.
Omokri emphasized that true prosperity lies not in high nominal wages but in the purchasing power of money earned through productive means.
“It’s better for Nigerians to earn ten thousand naira that has real value, that can buy goods, services, pay rent, or even buy vehicles and homes, than to earn a million naira not tied to production,” he added.
He urged both government and labour unions to focus on building an economy anchored on productivity, industrial capacity, and export growth, rather than wage increases unbacked by real production.
“So think about it, whether you’re an ordinary citizen, part of the government, or a labour union, it’s far better for Nigerians to earn ten thousand naira that holds real value, that can buy goods, pay rent, or even afford a home, than to earn a million naira that isn’t backed by production.”