The current glut presents us with the best opportunity to do this. Let’s face it. The country is broke. Our foreign reserves are finished and we should rather be plugging more important holes.
The refineries are only operating at 16% capacity on the average, and they have an enormous and unsustainable staff burden. They should be given out for Zero Naira, under a production sharing formula that sees the government retaining 40% ownership as SILENT partners. No say on how the business is run. No operations representatives. Just stockholders! The only condition will be a hefty performance bond to be refunded once the production targets are met.To be continued.
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