The Special Advisor on Information and Strategy to President Bola Ahmed Tinubu, Bayo Onanuga, responded to a recent video in which Aliko Dangote claimed that neither Lagos State nor the Federal Government of Nigeria had offered him any incentives for his oil refinery project. ...CLICK HERE TO CONTINUE READING.>>
Dangote stressed that the land was not given to him for free, even if he paid $100 million for it. In order to show his support, Mr. Onanuga took to Twitter and said, “Dangote refinery must not fail,” underlining the refinery’s significance to Nigeria’s economy
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In reaction to accusations that the quality of Dangote’s oil was subpar, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) made remarks. Concerns over the refinery’s operational integrity and possible effects on Nigeria’s oil market have been raised by this criticism.
There have been constant disagreements about supply agreements and prices between Dangote and the Nigerian National Petroleum Corporation (NNPC), making their relationship tense. Operations at Dangote’s refinery have become more difficult due to regulatory obstacles and scrutiny, despite the refinery’s potential to drastically decrease Nigeria’s dependency on imported fuel.
The state-owned company’s efforts to preserve its market dominance have frequently resulted in conflicts of interest for the NNPC due to its role in the oil industry.
With a daily capacity of 650,000 barrels, the Dangote Oil Refinery in Lagos is one of the biggest single-train refineries worldwide. The project has been plagued by difficulties, including claims of monopolistic activities and regulatory issues, despite its potential to revolutionise Nigeria’s oil landscape.
The government’s capacity to promote a competitive oil market, Dangote, and the Nigerian economy are all at risk as the refinery approaches completion.
The smooth functioning of the refinery is seen essential for resolving Nigeria’s fuel supply challenges and augmenting economic expansion.
