Adedapo Adesanya
By Adedapo Adesanya
As more buzz continues around the newly-commissioned Dangote Petroleum Refinery and Petrochemicals, the presidential candidate of the Labour Party at the 2023 elections, Mr Peter Obi, has said the facility would help bring in foreign exchange as it will make Nigeria a net exporter of oil derivatives.
On Monday, President Muhammadu Buhari inaugurated the refinery, which is currently the world’s largest single-train petroleum refiner.
Reacting to the project on his Twitter handle, Mr Obi, who is a former Anambra State governor, said the world-class project would be very beneficial to Nigeria’s economy.
According to him, the refinery, with a capacity of 650,000 barrels of crude oil per day, when operated maximally, is expected to meet Nigeria’s domestic demand for petroleum products and help Nigeria to save the much-needed foreign exchange currently spent on the importation of such products.
“By supplying the surplus to the international markets, Nigeria will reposition itself as a key player in the downstream petroleum sector of the global market. In moving Nigeria from consumption to production,
“I have always argued for greater private sector participation in the economy as exemplified by the Dangote Group. I believe the Dangote Refinery will be very beneficial to the nation’s economy.
“By moving Nigeria from a net importer to a net exporter of petroleum products, this refinery will create numerous jobs and generate needed foreign exchange inflow.
“This refinery is another milestone towards the New Nigeria, to which I am committed. That new nation will be an enabling environment for a booming private sector that will see the rise of many micro, small, and medium-scale businesses that will boost the nation’s economy and foster increased productivity among our people,” he noted.
The refinery is also expected to drive the promotion of the African Continental Free Trade Area (AfCFTA), as over 50 countries in the trade bloc depend on imported refined petroleum products.
The billionaire and largest shareholder in the structure, Mr Alike Dangote, said the first product “will be in the market before the end of July, beginning of August this year”.
