L--R, Vice president Oil & Gas, Dangote Industries Ltd, Devakumar Edwin, Minister of Finance, Oluwale Edun, Vice president Business Unity, Dangote Industries Ltd, Olakunle Alake, Chairman MRS Oil & Gas, Sayyu Dantata, at the Flag Off of Petroleum Motor Sprint (PMS) product (Petrol) from the Dangote Petroleum Refinery, Lekki Lagos on Sunday, September 15, 2024
Whereas the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, claims that the lifting of PMS from Dangote Refinery marks return to industrialisation, local refining, many industry experts and Economist have expressed reservations on the price of N898 the NNPCL claims it is buying per litre from the refinery.
Already, NNPCL spokesperson said the company Sunday lifted about 18.6m litres at N898 for sale to Nigerians at a price yet to be known. Many Nigerians who spoke to Business Hilights expressed worries on the high price, querying the reasons for the price hike considering the fact that no forex is involved after all.
This is as a fleet of trucks from the Nigerian National Petroleum Corporation Limited (NNPCL), began transporting Premium Motor Spirit, commonly known as petrol, from the world’s largest single-train refinery, located in the Ibeju-Lekki area of Lagos State.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who led the government delegation, described the event as epoch-making and a renewal of Nigerians’ hope in industrialisation and local refining.
“This is the resumption of Nigeria’s march toward industrialisation. It represents a return to what we once had—local refining and local supply of petroleum products in the Nigerian market. It has been decades since we last achieved this, but we have it today,” he said.
The minister, who was accompanied by Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-Committee on naira-based crude sales to local refineries, also stated that the initiative will ensure energy self-sufficiency and security in Nigeria. He explained that the product’s availability to Nigerians will end perennial scarcity and long queues. He noted that this aligns with President Bola Tinubu’s vision of adding value to raw materials before they leave the country. He said that Tinubu originated the free trade zone concept during his term as governor of Lagos State.
“Today, you have taken an important step towards energy self-sufficiency in Nigeria. We have advanced toward energy security and the implementation of the government’s policy of boosting domestic investment. It is President Tinubu’s vision that no raw material should leave Nigeria’s shores without some form of value being added. Commendation is due to His Excellency, Bola Ahmed Tinubu, who facilitated the supply of crude to local refineries in naira by ensuring that NNPC provides crude to these refineries,” he added.
Edun lauded the President of Dangote Industries Limited, Aliko Dangote, and his team for restoring Nigeria’s status as a producer of refined products, nearly three decades after the country ceased local refining. He praised Dangote for his patriotism and for exemplifying the can-do spirit of Nigeria, despite skepticism from many quarters about the feasibility of establishing a refinery.
“We congratulate Dangote, Africa’s foremost businessman and industrialist, and arguably one of the top investors in the world, on this day of triumph and success. They said it couldn’t be done, that we could not produce PMS from this facility, but today we are all witnesses to the commencement of PMS loading here. This refinery is producing PMS that is. sufficient for the entire Nigerian market, with a surplus for export. We call on other domestic refiners to not only supply the local market but also to change the narrative by producing petroleum products for the sub-region and beyond. This will generate additional foreign exchange revenue for the betterment of the economy. We are thrilled that this day has arrived,” he said.
Praising the quality of the products from the refinery, Edun noted that the facility’s global competitiveness enables it to export its products and sets a benchmark for Nigerian companies to compete favourably on the international stage. He also commended the technical sub-committee on naira-based crude sales to local refineries for finalising all formalities, ensuring a smooth supply of crude to local refineries. The Minister added that President Tinubu is also focusing on enhancing food security.
