Ogun State Governor Dapo Abiodun has announced that the commencement of fuel production at the Dangote oil refinery will significantly strengthen Nigeria’s economy. This development aims to eliminate persistent fuel shortages and conserve foreign exchange reserves.
The refinery, with a capacity to process 650,000 barrels of crude oil daily, is expected to supply petrol to filling stations within the next 48 hours as partnerships with the Nigerian National Petroleum Company Limited are finalized.
Governor Abiodun emphasized that the functioning of the refinery will address Nigeria’s long-standing dependence on fuel imports, a challenge that has persisted for over three decades. The anticipated boost in local petrol production comes at a crucial time, especially with the Warri and Port Harcourt refineries also preparing to resume operations, promising relief from fuel scarcity.
In his statement, Abiodun acknowledged the commitment of Dangote in undertaking this multi-billion-dollar project despite numerous obstacles. He also praised the intervention of President Bola Tinubu, which played a pivotal role in bringing the refinery online during the current administration.
Abiodun highlighted that revitalizing the country’s refineries would not only lead to reduced fuel prices but would also represent a monumental shift in Nigeria’s energy landscape. He stated, “The Dangote refinery is set to transform petrol production in Nigeria, addressing the pressing challenge of reliance on imported fuel, which has strained our foreign exchange reserves.”
The governor reinforced that local petrol production would significantly reduce foreign currency outflow, thereby strengthening the national economy and aligning with the government’s goals for economic diversification. Furthermore, the refinery is expected to create thousands of jobs, directly and indirectly, contributing to lowering unemployment rates.
“Beyond enhancing local employment and driving economic activity, the refinery will bolster Nigeria’s energy security. With increased capacity to produce petrol, the country will be better prepared to meet its energy demands, mitigating the uncertainties tied to fuel shortages and price instability,” Abiodun remarked.
He also indicated that the stability from increased local fuel production would foster a more conducive environment for business, attracting foreign investments and promoting economic growth.
