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LPFO Scarcity Threatening Industries Survival In Nigeria- Adedoyin

Group Chairman, Doyin Investment Nigeria Limited, Prince Dr Samuel Adedoyin

By Ajibola Abayomi,

September 12, 2018.

For industrialists in Nigeria, certainly this is not the best of time.

Investors are lamenting and more jobs are bee lost owing to low productivity occasioned by erratic power supply.

Manufacturing sector is the most hit as scarcity of Low Pour Fuel Oil (LPFO) continues unabatedly.

In the light of the above, Group Chairman, Doyin Investment Nigeria Limited, Prince Dr Samuel Adedoyin, has made a passionate appeal to the Federal Government to urgent address the non availability of the LPFO otherwise known as black oil to save industries from imminent total collapse.

LPFO is a bye product of oil used by most manufacturing companies to power their products as alternative to diesel and petrol.

The cost of LPFO is six times lower compared to the diesel.

Chairman Nigeria Union of Journalists (NUJ), Dr Qasim Akinreti and Dr Samuel Adedoyin during a courtesy to Doyin Investments Nig Limited in Lagos recently

For months, now several companies in Nigeria have been down seizing while those who could not cope have closed shops.

Speaking with a team of journalists led by the Chairman of Lagos Council of Nigeria Union of Journalists (NUJ), Dr Qasim Akinreti, the Group Chairman lamented the unstable growth of industries.

“May be I should pause a while and allow any of you to name 100 industrialists out of the 180 million Nigerians doing well. You can see that we are not there yet. No progress without industrialization” Adedoyin lamented.

Pressed further, he said,“our company in Kwara State has closed down because we could not cope without LPFO against the cost of production and salaries. We shall continue with the ones in Lagos until we are tired and we cannot go on any more.

“Government cannot pretend that they do not know what is happening particularly concerning the plight of industrialists. There is scarcity of black oil. Coco Cola uses LPFO. I don’t know how they are still managing to survive, may be they have stocked large quantity.

“Alhaji Aliko Dangote recently told me that he had to bring in the ones his companies are using from the neighbouring countries. Of course, you know he is one of the few Nigerians who have the backing of the government especially on the refinery he is building at Lekki but I don’t have enough political will to get such support.

“Yes, gas can serve as alternative power. In Kwara State, how do you move the power plants to cover such wide length? Even in Lagos we would require N400 million to effectively make that work. We use between 11 and 12 tankers of LPFO yearly. We don’t have such money.

“The only authorized body that can import LPFO is the Nigeria National Petroleum Corporation (NNPC). Government is trying but totally not enough to move Nigeria forward because any country that is not industrialized cannot move forward.

“One has to be careful, I am not a politician neither am I an opponent of the government. However, we must build the future” Adedoyin said.

Adding his voice to the development, Dr Akinreti called on the government to investigate the cause of the LPFO scarcity and make it a priority for the NNPC to make it available to the industrialists in Nigeria.

 

 

 

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