Renowned energy economist, Prof. Wumi Iledare, has described the shutdown of Nigeria’s state-owned refineries by NNPCL as a necessary reset, not a policy failure. Reacting to comments by NNPCL GCEO Bayo Ojulari, Iledare said the decision reflects long-overdue realism about assets that currently destroy value rather than create it.
Speaking after Ojulari defended the refinery pause at the Nigeria International Energy Summit 2026, Iledare stressed that refinery rehabilitation must be treated as a serious capital investment, not a symbolic national gesture. According to him, injecting funds into refineries with broken operating models only deepens losses.
He warned that Nigeria’s refinery challenge is structural, not cosmetic, and applauded the rare honesty in admitting value destruction within the public energy space. However, he cautioned that the biggest risk now is delay, insisting reforms must not turn into an endless pause.
Iledare urged credible partnerships, transparent governance, and measurable performance, noting that if execution matches intent, the refinery shutdown could mark a turning point in how Nigeria manages strategic energy infrastructure.
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