he 650,000 barrels per day capacity Dangote Refinery has projected a crash in volume of Europe’s refined petroleum products exports into Africa.
Nigeria and other African countries, the world’s biggest capacity refinery said yesterday, would soon heave a sigh of relief from the sloppy economic situation occasioned by price instability with the imminent completion of the Dangote Refinery and other modular refineries in Nigeria.
“Already, the president of Ghana, Nana Akufo-Addo, has said at a forum in Egypt that his country is anxiously waiting for the readiness of the Dangote Refinery to save his government of economic distortion caused by massive importation of petroleum from the Europe,” the company said in a statement.
Technical Adviser to the President of Dangote Group on Refinery and Petrochemicals, Engr. Babajide Soyode, said that the “completion of Dangote Refinery and other modular refinery projects in Nigeria would culminate in the integration of the downstream industries, lower cost of business and stabilise the prices of petroleum products across the Africa sub-region.”
Soyode made this assertion during a panel session on ‘Refining, Transportation and Petrochemicals Forum’, at the just concluded 2019 Nigeria International Petroleum Summit in Abuja.
He emphasised the need for the Federal Government to fully deregulate the downstream sector
According to him, “By the time Dangote completes the largest single train refinery, in addition to what other investors are doing, Nigeria will have more than enough petrol for domestic use and for export.”
He, therefore, stressed the need for government to allow private sector run the downstream industry.
“First of all, the refinery will save Nigeria from importation of refined products, which will help to boost the value of the naira,” he added.
Soyode said that there is no need for the Federal Government to continue to subsidise petrol. “Government should remove subsidy and allow private sector to manage the downstream sector. Regulation is not going to stay forever. Regulation of petroleum products has been in existence in the last 32 years. What have we gained from it? Do you know any single poor man whose life has been improved through this policy?