An energy expert, Dr Joseph Obele, says the proposed offer by Africa's wealthiest man, Aliko Dangote to sell his multibillion-dollar oil refinery to NNPC Limited is a big threat to Nigeria's potential foreign investors.
Obele, a former Chairman of the Independent Petroleum Marketing Association of Nigeria (IPMAN), in Rivers State, also noted that the threat by the businessman to quit the oil and gas sector will further scare international companies planning to invest in Nigeria.
He said “International investors usually conduct feasibility studies before investing in any foreign nation. The intention of Dangote to sell his Refinery due to the reason that the sector has a cabal frustrating the refinery will show as a red alert on the result of any Feasibility study conducted on Nigeria's Business Environment.
“There are tolerable risks that investors accept when they enter international investing, knowing that they can mitigate those risks. The biggest barrier to investing in international markets is an analysis of current trends as it concerns the withdrawal of companies operating in that very country. Most especially if the withdrawing company is an indigenous company like in the case of Dangote."
The e energy expert also stated that foreign investment helps Nigeria reach its economic potential by providing capital to finance new industries and enhance existing industries, boosting infrastructure and productivity and creating employment opportunities in the process.
He, therefore, called for an end to the destructive media war between agencies of the federal government and Dangote.
Obele said that the ongoing media war is not good for the business reputation of the economy.
“The right time to stop the destructive ongoing media war between government agencies and Dangote Refinery is now. The ongoing media war is not good for the business reputation of the economy. Negative word of mouth builds destructive perceptions in the minds of investors.
“Last week, the government agency said Dangote diesel was inferior, and today, Dangote is saying the nation is not business friendly. Put all the back and front comments together, it is the suffocating Nigeria economy that will suffer at last. The media war should end now so that international investors can bring their foreign currencies to build industries and create jobs in Nigeria."
The former IPMAN boss in Rivers State also tasked the Federal Ministry of Information and National Orientation to stand up to its responsibilities by embarking on image laundry for the Nigeria Business Environment which has been painted black and dirty.
Dangote had in a recent media briefing announced that his willingness to sell the refinery to the NNPCL would address the allegations of monopoly being leveled against him.
