Aliko Dangote, President of Dangote Group, has as soon as once more raised alarm over sustained efforts by entrenched pursuits to frustrate operations at his $20 billion refinery challenge in Lekki, Lagos.
Talking at an investor discussion board in Lagos, Dangote alleged {that a} community of people benefitting from a long time of gasoline import subsidies are actively working towards the success of the 650,000-barrel-per-day refinery, which started petrol manufacturing in 2024.
“These {groups} have funded resistance to the elimination of subsidies and are against the refinery’s clean operations,” Dangote stated, including that the struggle towards such pursuits is ongoing however winnable. “I’ve been combating all my life, and I’m 100 per cent certain I’ll win.”
This isn’t the primary time Dangote has accused unnamed oil “cabals” of sabotage. Final yr, he claimed worldwide oil corporations had been intentionally denying his facility sufficient native crude provide, forcing imports from far-off markets like the USA.
Firm officers, together with Vice President for Oil and Fuel Devakumar Edwin, have echoed these sentiments. Edwin accused Worldwide Oil Corporations (IOCs) of inflating crude costs and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of licensing the importation of substandard merchandise — all in a bid to maintain Nigeria depending on imports.
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Regardless of the obstacles, the Dangote refinery has reportedly contributed to current petrol worth reductions in Nigeria, dropping from over N1,100 to about N860 per litre following a naira-for-crude settlement endorsed by the federal authorities.
Nonetheless, that deal has since been paused, prompting questions in regards to the refinery’s future working situations. Petroleum product importers have expressed concern that continued worth cuts by Dangote are unsustainable, whilst they face mounting losses.
Whereas the Unbiased Petroleum Entrepreneurs Affiliation of Nigeria (IPMAN) declared full assist for Dangote’s efforts, urging him to face up to market resistance, the Petroleum Merchandise Retail Outlet Homeowners Affiliation of Nigeria (PETROAN) known as for truthful competitors and coverage readability.
PETROAN urged the federal government to make sure crude availability for all home refineries whereas sustaining a stage taking part in discipline.
With extra refineries anticipated to start operations quickly, market analysts anticipate continued tensions as new entrants problem long-standing import frameworks in Nigeria’s power sector.
Dangote, nevertheless, stays defiant, sustaining that the struggle just isn’t solely essential however inevitable for the nation’s power independence.
