×

Dangote Refinery Beneficial To Nigeria’s Troubled Economy – Obi

Obi noted that the private sector will play a crucial role in the struggle to move the nation from consumption to production.


An illustrative image of Peter Obi and Dangote Refinery plant

 

Encomiums have continued to pour in for Africa’s richest man, Aliko Dangote, as operations commenced at the Dangote Petroleum Refinery and Petrochemicals in Lagos State.

The latest in the chain of praises was from the 2023 presidential candidate of the Labour Party (LP), Peter Obi, who said the Dangote Refinery will be beneficial to Nigeria’s troubled economy.

In a string of post on X (formerly Twitter) on Monday night, Obi, a former governor of Anambra State, congratulated Dangote on the feat which he described as a “major milestone in the Nigerian energy sector”.

 

 

The refinery sited in Lagos and owned by Africa’s richest man, Aliko Dangote, is said to have commenced operations with 350,000 barrels a day.

READ ALSO: Dangote Refinery Will Champion Nigeria’s Energy Security — Otedola

The refinery recently received its first one million barrels of Agbami crude grade, which represents the first phase of the six million barrels to be supplied to the refinery by several suppliers.

“Having earlier witnessed the Commissioning of the Dangote Petroleum Refinery and Petrochemicals as the World’s Largest Single Train Petroleum Refinery, I do believe it will be very beneficial to Nigeria’s troubled economy,” Obi stated.

“When it operates maximally, the refinery will boast a capacity of 650,000 barrels of crude oil per day and is expected to meet Nigeria’s domestic demand for petroleum products and help Nigeria save the much-needed foreign exchange currently spent on the importation of such products.

“It’s expected that by meeting our domestic demand and supplying the surplus to the International markets, Nigeria will take its place as a key player in the downstream petroleum sector of the global market.”

Obi noted that the private sector will play a crucial role in the struggle to move the nation from consumption to production. “This will help to create jobs, help in generating the much-needed foreign exchange, and encourage the growth of other small-scale businesses in the industry,” he added.