Experts have urged the federal government to resolve all issues and support the $20 billion Dangote Refinery to attract more local and foreign investments into Nigeria. The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, stated that the refinery was still in the pre-commissioning stage and had not been licensed yet. However, experts believe the government and its agencies should work towards resolving all issues in the best interest of Nigeria and its economy.
Chinedu Amah, Founder of Spark Nigeria, emphasized the importance of supporting local production to ensure economic growth. He criticized the government's continuous importation of crude oil and petrol, suggesting that the Dangote refinery, being more advanced, could treat crude oil to a standard sulfur level.
The National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mazi Colman Obasi, highlighted Dangote's long-standing efforts and called on all parties, including the federal government, Dangote refinery, and International Oil Companies (IOCs), to resolve all issues to encourage more investments in Nigeria’s midstream and downstream sectors.
Another expert, who chose to remain anonymous, criticized government officials for disparaging a $20 billion investment on national television, arguing that it demarkets a locally owned private business.
Farouk Ahmed clarified that concerns about the supply of petroleum products nationwide and claims of trying to scuttle the Dangote refinery were unfounded. He noted that the refinery was only at about 45 percent completion and that the quality of its products, particularly automotive gas oil (AGO), was currently inferior to imported products.
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) wrote to President Bola Tinubu, expressing concerns about the potential creation of a monopoly for the supply of AGO by the Dangote Refinery. They highlighted that before the establishment of the refinery, Nigerian entrepreneurs had significant investments in the downstream petroleum sector and had complied with the required specifications despite local refining capacities not meeting these standards.
In conclusion, experts agree that resolving the issues surrounding the Dangote Refinery is crucial for attracting investments and ensuring the economic growth of Nigeria.
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