For several weeks, the Dangote refinery in Ibeju Lekki, Lagos, has been in the news for mixed reasons. To an average Nigerian and indeed African, the gargantuan $20 billion worth refinery is a bold testament that Nigeria, Africa’s most populous country, has attained economic independence. The citizens were jubilant when the first output of diesel from the refinery culminated in a significant crash of pump prices of diesel across Nigeria. It was a moment of triumph for the masses who became even earger to see the drastic fall of pump prices of the more notorious petrol at filling stations.
But oil industry analysts had reasoned that the setting up of a refinery by an independent investor in a sector that is famous for its endemic sleeze and highwire conspiracy was bound to attract bullish intimidation from rent seekers of the old order and their bureaucratic puppets. This seemed to have played out in the last two weeks when regulatory officials began to demarket Nigeria’s signature refinery that had become the cynosure of eyes globally.
The defence put up by Chief Executive of Nigerian Upstream Petroleum Regulatory Commisson (NUPRC) Gbenga Komolafe, in support of International Oil Companies (IOCs) was meek compared to the rather unpatriotic outburst of another regulator, Faruk Ahmed.
Industry stakeholders and Nigerians generally were aghast when the Authority Managing Director of the Nigeria Midstream and Downstream Petroleum Regulatory Authority, Faruk Umar, made two outlandish allegations against the Dangote refinery bordering on licencing of the refinery and quality of products which elicited the forceful reaction of the irked investor.
The Chief Executive of Dangote Refinery, Aliko Dangote, did not only counter the allegations he also expressed his willingness to sell the refinery to the Nigerian National Petroleum Company (NNPC) Limited. The question remains: Who is afraid of Dangote’s refinery? Is it those who labelled him a monopolist, despite his selfless contributions to the economy in multiple sectors?
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Evidently, Nigerian regulatory officials have exhibited a lack of patriotic discretion in handling this refinery issue. Their action, and even inaction, as the case may be, is diametrically antithetical to the Tinubu administration’s advocacy for foreign investment in our national economy. If a major Nigerian and African investor can be whimsically harangued by public officials in his home country, foreign investors need no one to tell them what to expect in Nigeria.
NatureNews believes Aliko Dangote’s investments were driven by patriotic zeal to support Nigeria and its people by providing cheaper and quality products across critical sectors of the nation’s economy. We commend the Minister of State, Oil, Senator Heineken Lokpobri, for summoning a meeting of the regulators and Aliko Dangote. Faruk Umar deserves to be reprimanded by the Presidency for acting against the Renewed Hope Agenda of President Tinubu government.
Mr Umar and his ilk should be made to realise that government support for such an independent oil refinery like Dangote’s is crucial for Nigeria’s economic growth and energy security. By refining crude oil locally, Nigeria can reduce its reliance on imported fuel and save billions of dollars in foreign exchange, aside from creating thousands of jobs, both directly and indirectly.
Similarly, supporting the Dangote refinery will enable the government to generate significant revenue through taxes and royalties, the refinery will promote local content development by supporting Nigerian businesses and entrepreneurs.
NatureNews urges government officials to restore public confidence in the nation’s investment drive by supporting Dangote’s refinery to seamlessly actualise the production of PMS and other derivatives of crude oil. All acts of intimidation of this patriotic investor must stop henceforth.
