August 6, 2024, Lagos – Former President Olusegun Obasanjo has raised concerns about possible efforts to undermine the operations of the newly inaugurated Dangote Petroleum Refinery. Speaking at a recent event, Obasanjo expressed fears that individuals and groups who benefit from Nigeria’s lucrative fuel importation business might attempt to frustrate the refinery’s operations.
Obasanjo pointed out that the establishment of the Dangote Refinery, with its significant capacity to refine crude oil domestically, poses a substantial threat to the profits of those involved in the importation of refined petroleum products. “There are those who profit immensely from the current importation of fuel into the country. These interests might not welcome the disruption that a fully operational Dangote Refinery could bring,” he stated.
The former President emphasized the importance of the refinery for Nigeria’s economic development, noting that it has the potential to transform the country’s petroleum sector by reducing dependence on imported fuel. The refinery, which is one of the largest in Africa, is expected to meet the majority of Nigeria’s fuel needs and even provide surplus for export.
Obasanjo urged the Nigerian government and the public to remain vigilant against any attempts to sabotage the refinery’s success. He stressed that supporting the refinery would not only enhance Nigeria’s energy security but also stimulate economic growth and create jobs.
“The Dangote Refinery represents a critical step towards achieving energy self-sufficiency in Nigeria. We must support and protect this venture from any forces that may seek to undermine it,” Obasanjo concluded.
The Dangote Refinery, owned by billionaire businessman Aliko Dangote, is a $19 billion project with a refining capacity of 650,000 barrels per day. Its successful operation is anticipated to significantly reduce Nigeria’s fuel import bill and strengthen the country’s economy. As the refinery gears up to commence full operations, stakeholders are keenly observing the potential challenges it might face from vested interests in the fuel importation sector.
