TheGavel:
The production of fuel by the Dangote refinery will significantly strengthen Nigeria’s economy by eliminating constant shortages and conserving foreign exchange, according to Gov. Dapo Abiodun of Ogun State. In a statement released by his Chief Press Secretary, Lekan Adeniran, Abiodun praised the refinery’s potential to solve one of Nigeria’s most pressing challenges: reliance on fuel importation.
“With the refinery coming on stream, one of the most significant challenges faced by Nigeria for more than three decades—reliance on fuel importation would be solved,” Abiodun said. “Petrol produced from the 650,000 barrels per day Dangote refinery is expected to hit filling stations in the next 48 hours as modalities with the Nigerian National Petroleum Company Limited have been formalised.”
The governor noted that with the Warri and Port Harcourt refineries also being prepared to begin production, Nigerians would experience relief from constant fuel shortages, while the economy would receive a boost. Abiodun commended Aliko Dangote for his determination in completing the multi-billion dollar project despite challenges.
Abiodun also praised President Bola Tinubu for his intervention in ensuring the refinery’s completion during his administration. He acknowledged the president’s commitment to revitalizing other refineries in the country, which would drastically reduce fuel prices when all of them started production.
“This significant achievement marks a transformative milestone not only for you as an entrepreneur but also for Nigeria and the broader African continent,” Abiodun said. “The establishment of this refinery represents a pivotal shift in the energy landscape of the region, showcasing the power of vision, resilience, and unwavering commitment to economic development.”
Dangote revealed that petrol produced from his refining facility would hit filling stations in the next 48 hours, as modalities with the Nigerian National Petroleum Company Limited had been formalised. He added that the pricing of the product would be finalized soon, in line with the Federal Executive Council’s approval.
The refinery, which began operations in December 2023, has started supplying diesel and aviation fuel to marketers and is now producing petrol. Dangote expressed gratitude to President Tinubu for introducing the idea of using naira for crude oil purchases, which would reduce the demand for foreign exchange by 40 percent.
“I want to thank President Tinubu for creating this idea of Naira for crude and Naira for the product,” Dangote said. “Doing that will give a lot of stability to the Naira and remove 40 per cent of the demand for dollars.” (NAN)
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