Enhancing Transparency in Fuel Production: An Interview with Prof. Adeola Adenikinju
In a recent interview with our Abuja Bureau Chief, Emma Ujah, President of the Nigeria Economic Society, Prof. Adeola Adenikinju highlighted the lack of transparency in local fuel production. He expressed concerns about the rising prices of fuel despite the commencement of production in Nigeria. Prof. Adenikinju emphasized the importance of transparency in implementing reforms to address challenges such as inflation and food scarcity.
Transparency in Local Production
Prof. Adenikinju criticized the lack of transparency between NNPC and Dangote Refinery, noting that cost savings from local production should lead to lower fuel prices. He emphasized the need for clear communication and openness to build trust among the public. Without transparency, reforms cannot effectively address issues such as inflation and food scarcity.
Tackling Inflation and Food Scarcity
Addressing the high inflation rate in Nigeria, Prof. Adenikinju highlighted the need to understand the root causes of inflation. He stressed the importance of coordination between monetary and fiscal authorities to develop effective policies. Additionally, he called for proactive measures to enhance food security and reduce dependence on imports.
In conclusion, transparency and communication are vital for successful reforms in the fuel sector and broader economic challenges facing Nigeria. By promoting openness and accountability, stakeholders can work together to address key issues and drive sustainable growth.