Nigeria, March 3 -- Building and operating domestic refineries in Nigeria is significantly more beneficial than importing cheaper, low-quality refined petroleum products. Establishing domestic refineries would lead to substantial economic advantages like job creation, foreign exchange savings, improved product quality control, energy security, and a more robust domestic economy, even if initial costs might seem higher due to upfront investment in infrastructure development.

Long story short, building a refinery is a huge investment, especially for a country like Nigeria. Globally, there is a surplus of refineries, and if you look closely, whether building a new one is a good option or not. Many of the refineries are running at low volume...