The Federal Government says the commencement of petrol lifting from the Dangote Petroleum Refinery and Petrochemicals marked a return to industrialisation and local refining in Nigeria.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said this during a visit to the Dangote refinery in the Ibeju-Lekki area of Lagos State on Sunday, September 15, 2024.
Edun, who led the government delegation to the refinery, described the loading of petrol by NNPCL trucks 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 the Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee on naira-based crude sales to local refineries, Dr Zacch Adedeji, also stated that the initiative will ensure energy self-sufficiency and security in Nigeria.
Edun explained that the product’s availability to Nigerians will end perennial scarcity and long queues, adding that the development aligns with President Bola Tinubu’s vision of adding value to raw materials before they leave the country.
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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.
The minister commended Dangote for his patriotism and for exemplifying the can-do spirit of Nigeria, despite scepticism from many quarters about the feasibility of establishing a refinery.
On his part, the Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, said the commencement of petrol production from the refinery fulfilled Dangote’s vision of addressing energy supply challenges in Nigeria.
He emphasised that it was a point of pride that a Nigerian company has designed and built the world’s largest single-train refinery complex, which he said will not only make Nigeria self-sufficient in refined products but also a net exporter.
Edwin said: “If you consider the refinery’s capacity for PMS alone, processing 52,000 barrels of crude each day generates more than 54 million litres of PMS.
“Additionally, the refinery can produce other products. Specifically, 44 per cent of the refinery’s capacity can meet 100 per cent of domestic needs, while 56 per cent is allocated for export. It is indeed a massive refinery.”
Edwin added that the refinery would significantly benefit the country’s economy by reducing Nigeria’s foreign exchange demand by at least 40 per cent while also generating foreign earnings through exports.
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