Investment in modular refineries would stabilize Nigeria’s dwindling economy – Prof Ife

Prof Ken Ife, a development economist, says the federal government must invest in modular refineries to stabilize Nigeria’s economy.

Ife disclosed this on Monday in a Channels Television interview monitored by Media Talk Africa while reacting to the country’s rising inflation.

According to the National Bureau of Statistics’ latest report, Nigeria’s inflation hit 22.04 per cent in March 2023.

Proffering solutions to the country’s dwindling economy, the economist said both the government and private sector should work to end dependence on fuel importation.

He said the resources spent on fuel subsidies contributed to the rising inflation in Nigeria.

“The major oil marketers pushing all our crude out can set up one modular refinery within three to six months; this would stabilize Nigeria’s economy”, he stated.