Ogun State Governor, Dapo Abiodun, has stated that the Dangote refinery will significantly strengthen Nigeria’s economy by addressing persistent fuel shortages and conserving foreign exchange. The announcement was made in a statement by Abiodun’s Chief Press Secretary, Lekan Adeniran, in Abeokuta.
Governor Abiodun highlighted that the refinery’s commencement will resolve a major challenge that has plagued Nigeria for over three decades—dependence on fuel imports. He noted that petrol from the 650,000 barrels per day Dangote refinery is expected to reach filling stations within the next 48 hours, following the finalization of arrangements with the Nigerian National Petroleum Company Limited (NNPCL).
The governor also mentioned that the anticipated production from the Warri and Port Harcourt refineries would further alleviate fuel shortages and provide an economic boost. He commended Alhaji Aliko Dangote for his perseverance in advancing the multi-billion dollar project despite numerous challenges and praised President Bola Tinubu for his role in facilitating the refinery’s operational start.
Abiodun lauded President Tinubu’s commitment to revitalizing other refineries in the country, which he believes will lead to a significant reduction in fuel prices once they are fully operational. He described the refinery’s establishment as a transformative milestone for Nigeria and the broader African continent, showcasing the impact of vision, resilience, and dedication to economic development.
The governor emphasized that the Dangote refinery will address Nigeria’s reliance on imported fuel, easing the strain on foreign exchange reserves and bolstering the nation’s economy. Additionally, the refinery is expected to generate thousands of jobs, both directly and indirectly, thereby contributing to a reduction in unemployment.
Pathwaynews reports that Aliko Dangote revealed the refinery’s petrol would be available at filling stations within the next 48 hours, following formal agreements with NNPCL. Dangote also discussed the pricing strategy, stating it has been designed and approved by the Federal Executive Council under President Tinubu’s leadership. He expressed optimism about the refinery’s potential to impact the market positively.
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In December 2023, Dangote began operations at his $20 billion facility in Lagos with an initial capacity of 350,000 barrels per day. The refinery, which faced regulatory hurdles, aims to achieve its full capacity of 650,000 barrels per day by the year’s end. It has already started supplying diesel and aviation fuel and will soon include petrol.
Dangote also highlighted the introduction of naira-for-crude and naira-for-product policies, which he believes will reduce the demand for foreign exchange by 40 percent and improve the stability of the naira.
