Human rights advocate and former presidential candidate of the African Action Congress, Omoyele Sowore, articulates that the recent escalation in global crude oil prices should provide economic relief to Nigerians, rather than exacerbate the prevailing hardships faced throughout the nation.
Sowore made his statements during an interview broadcast on Voice TV Nigeria on Tuesday, March 10, 2026, in which he addressed the economic ramifications of escalating oil prices and evaluated the significance of private investment in Nigeria’s energy sector.In the course of the interview, Sowore articulated that while the increase in oil prices, attributed to global conflicts, is not an occasion for celebration, it nonetheless offers potential economic benefits for a resource-rich nation such as Nigeria.He indicated that elevated crude prices translate to heightened revenue for the country, which should ideally be allocated toward enhancing the welfare of its citizens.
He observed that with global oil prices reportedly surpassing $100 per barrel, the nation should be witnessing an enhancement in its revenue stream. Sowore contended that this situation ought to result in increased financial resources for the government, enabling support for public services and alleviating the financial burdens faced by citizens.The activist raised concerns about the persistent economic difficulties encountered by Nigerians, despite the potential for increased revenue from crude oil exports. He asserted that the nation should be equipped to provide more significant economic relief to its populace during periods of elevated oil prices.Sowore further utilized the interview to discuss the rising public enthusiasm surrounding the Dangote Refinery project.While recognizing the magnitude of the initiative, he advised caution to Nigerians regarding the belief that private investments alone would resolve the country’s economic issues.
He asserts that private enterprises primarily exist to generate profit and should not be viewed as instruments for social rescue. Sowore highlighted that entrepreneurs who invest substantially in large-scale industrial projects do so with the anticipation of financial returns.
To substantiate his position, he referenced the advancements in Nigeria’s cement industry that occurred subsequent to the privatization of state-owned assets in previous years.
He asserted that the privatization of government-owned cement factories at reduced prices ultimately enabled private investors to dominate the market and yield substantial profits from the sector. Sowore indicated that a similar trend could emerge in the petroleum refining industry, emphasizing that private investors are motivated by business interests rather than a commitment to providing economic relief for citizens.
The activist also criticized what he characterized as a broader economic system that favors profit over public welfare.
He contended that in such an environment, influential business leaders and economic stakeholders often reap rewards while ordinary citizens continue to face escalating living costs.Another significant point raised during the interview was the federal government’s perceived failure to establish additional refineries during the construction of the Dangote Refinery.
Sowore questioned why the government did not capitalize on that period to develop its own refining facilities. He argued that if a private individual could construct a refinery capable of meeting a substantial portion of the nation’s fuel demand, then the Nigerian government should have been able to establish multiple refineries within the same timeframe.
He asserted that the nation had the potential to establish multiple modern refineries, which would enhance national refining capacity and decrease dependence on privately owned facilities. He noted that such an initiative would provide Nigeria with greater control over domestic fuel production and pricing.Sowore further contended that government policies and support have inadvertently facilitated the development of the Dangote Refinery, prompting inquiries as to why comparable support was not extended to the establishment of additional state-owned refineries.
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