The paradox that is Nigeria’s oil sector may soon be history now that the less-than-a-decade-old billion-dollar initiative of the world’s wealthiest Black man is open for business.
Thanks to Dangote Petroleum Refinery and Petrochemical, expectations are sky-high that the oil-rich nation is on the verge of ending its incessant bouts of petrol scarcity and price hikes, as well as a debilitating subsidy regime.
Taking the stage at the inauguration of the staggering 2,635-hectare facility, President Muhammadu Buhari described the establishment of Dangote Petrochemical Refinery and Petrochemicals in Lagos State as a game-changer and milestone for Nigeria’s economy.
According to Buhari, the Ibeju-Lekki, Lagos State-based complex – described as the largest single-train facility in the world with a capacity to process 650,000 barrels of crude a day – would enable the country to achieve self-sufficiency in the refined products and a surplus for export.
“This clearly makes this event a notable milestone for our economy and a game changer for the downstream petroleum product market not only in Nigeria but the entire African continent,” he said.
Thanks to Dangote Petroleum Refinery and Petrochemical, expectations are sky-high that the oil-rich nation is on the verge of ending its incessant bouts of petrol scarcity and price hikes, as well as a debilitating subsidy regime.
Taking the stage at the inauguration of the staggering 2,635-hectare facility, President Muhammadu Buhari described the establishment of Dangote Petrochemical Refinery and Petrochemicals in Lagos State as a game-changer and milestone for Nigeria’s economy.
According to Buhari, the Ibeju-Lekki, Lagos State-based complex – described as the largest single-train facility in the world with a capacity to process 650,000 barrels of crude a day – would enable the country to achieve self-sufficiency in the refined products and a surplus for export.
“This clearly makes this event a notable milestone for our economy and a game changer for the downstream petroleum product market not only in Nigeria but the entire African continent,” he said.
The President added that the country’s economy, which has been stressed for many decades by huge deficits in economic infrastructure and over a decade of insurgency, had also been severely affected by several external crises, including the global financial crisis, the collapse of oil prices, the coronavirus pandemic, and the Russia-Ukraine War.
“The consequences of these challenges constitute a severe strain on our economy, limiting the government’s ability to provide basic infrastructure without resorting to huge borrowing.
“He said the government must therefore pay attention to creating an enabling environment for the private sector to thrive and fill the enormous gap in investments, not only in infrastructure but also in all critical sectors,” he stated.