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Dangote’s refinery will boost Nigeria’s economy, eliminate scarcity, conserve foreign exchange – Abiodun hails Tinubu
Ogun State Governor Prince Dapo Abiodun stated that the start of fuel production at the Dangote refinery will boost Nigeria’s economy by addressing frequent fuel shortages and conserving foreign exchange. The refinery, with a capacity of 650,000 barrels per day, is expected to supply petrol to filling stations within the next 48 hours, following the finalization of agreements with the Nigerian National Petroleum Company Limited.
In a statement released on Tuesday by his Chief Press Secretary, Lekan Adeniran, Governor Abiodun highlighted that the refinery’s operation will resolve Nigeria’s long-standing challenge of dependence on fuel imports, which has persisted for over 30 years.
The statement also noted that the upcoming production from the Warri and Port Harcourt refineries will provide additional relief from fuel shortages and offer an economic boost.
Governor Abiodun lauded Alhaji Aliko Dangote for his perseverance in completing the multi-billion-dollar project despite numerous challenges. He also praised President Bola Ahmed Tinubu for his role in facilitating the refinery’s launch and for his commitment to revitalizing other refineries, which he believes will significantly reduce fuel prices once all are operational.
He remarked: “This milestone is transformative not just for you as an entrepreneur but for Nigeria and the wider African continent. The refinery marks a major shift in the region’s energy sector, demonstrating the impact of vision, resilience, and dedication to economic progress.
“The Dangote refinery is set to revolutionize petrol production in Nigeria, addressing the critical issue of our reliance on imported fuel. This dependency has strained our foreign reserves and hindered our path to self-sufficiency.
“Local petrol production will minimize foreign currency outflows, thus strengthening our economy and supporting the President Bola Tinubu-led administration’s goals of economic diversification and reduced dependence on oil exports.
“Beyond fuel production, the refinery is expected to create thousands of jobs, both directly and indirectly, reducing unemployment rates and stimulating growth in related industries. This will invigorate local economies and improve the livelihoods of many Nigerians.
“Furthermore, the refinery will enhance Nigeria’s energy security by meeting a substantial portion of the country’s petrol needs, mitigating the issues of fuel shortages and price volatility. This stability will foster a more favorable business environment, attract foreign investment, and further spur economic growth.”
Dangote Refinery has announced that it will need to export 95-97 percent of its Premium Motor Spirit (petrol) due to low interest from Nigerian marketers. The refinery, which processes 650,000 barrels per day, revealed that only 3 to 5 percent of petrol marketers are purchasing its fuel.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, shared these details during an X Space session hosted by Nairametrics on Wednesday. He highlighted the challenges facing both the Dangote Refinery and Nigeria’s oil and gas sector.
Edwin explained, “I’m selling 2 to 3 percent to small traders who are willing to buy, while the remaining 95 to 97 percent has to be exported,” referring to the local sales of the refinery’s products.
This situation arises as the NNPCL’s deadline for adjusting the Dangote Refinery’s fuel distribution approaches without a clear plan in sight. It is worth noting that while Aliko Dangote, President of Dangote Group, has announced the refinery’s initial petrol rollout, its distribution to marketers is contingent upon NNPCL’s decisions.
The final sixteen teams for the 2024 FIFA U-20 Women’s World Cup in Colombia have been determined following the conclusion of the group stage.
In recent matches, Ghana triumphed over New Zealand with a score of 3-1, and Japan secured a 2-0 victory against Austria.
As a result, Japan has advanced to the Round of 16, joining the other 15 teams in this knockout stage.
The Round of 16 matches are scheduled for Wednesday, Thursday, and Friday.
The full lineup for the Round of 16 is as follows:
- Spain vs Canada
- Brazil vs Cameroon
- Colombia vs South Korea
- Mexico vs USA
- North Korea vs Austria
- Germany vs Argentina
- Netherlands vs France
- Japan vs Nigeria
The Nigerian Army has refuted claims of widespread resignations among its soldiers due to issues like corruption and low morale.
In a statement, Major General Onyema Nwachukwu, Director of Army Public Relations, dismissed these reports as unfounded.
A news outlet had alleged that numerous Nigerian soldiers were resigning because of corruption and low morale. However, the statement condemned these allegations as misleading and a deliberate attempt to create discontent and undermine the Nigerian Army’s reputation and the dedication of its personnel.
Major General Nwachukwu clarified that, similar to other military organizations worldwide, service in the Nigerian Army is voluntary rather than mandatory. This means that personnel have the freedom to resign following established procedures.
He explained that the resignation process allows personnel to prepare and manage their entitlements, including pensions and gratuities, as outlined in the Harmonized Terms and Conditions of Service (Officers/Soldiers).
Contrary to the report’s implications, the statement emphasized that Nigerian Army personnel are highly motivated, and their welfare is a priority under the leadership of Chief of Army Staff, Lieutenant General Taoreed Lagbaja.
We’ll be forced to export 97% of our petrol – Dangote Refinery warns
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