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Wed. Oct 16th, 2024
Trending News: ENUGU GOVT TO LAUGH N20B STATE SECURITY TRUST FUNDGRID COLLAPSE, A NATIONAL SHAME, TESTAMENT OF LEADERSHIP FAILURE – PETER OBIPRO-WIKE LAWMAKERS DECLARE PRO-FUBARA LAWMAKERS’ SEATS VACANTFG SUMMONS BRITISH HIGH COMMISSIONER OVER SUNDAY IGBOHO’S YORUBA NATION PETITION TO PRIME MINISTERAFCON QUALIFIER: CAF DELISTS NIGERIA, LIBYAEFCC INVADES RADIO STATION IN ENUGU, ARRESTS PRESENTERPDP CRISIS: GOVERNORS TELL WARRING MEMBERS TO MAINTAIN STATUS QUODAMAGUM DIVIDES PDP GOVERNORSPDP BREAKS INTO FACTIONSWE SYMPATHISE WITH THE POOR BUT TINUBU’S POLICIES WILL CONTINUE – VP SHETTIMANORTH MUST BE PREPARED FOR POSSIBLE SEPARATION – PROF LUGGACAF INVESTIGATES SUPER EAGLES ORDEAL IN LIBYANIGERIA WAS NOT HUMILIATED AT UNHRC ELECTION – PRESIDENCYNIGERIA IN DARKNESS AS NATIONAL GRID COLLAPSES AGAINMOB BURNS EDO POLICE STATION OVER ALLEGATION OF ORGAN HARVESTINGSUPER EAGLES BACK TO NIGERIA AFTER LIBYA ORDEALFG TO RECRUIT 74,OOO TEACHERS NATIONWIDENIGERIANS GROAN OVER HIGH ELECTRICITY BILLSFG MOVES TO GROUND 60 PRIVATE JETSALLOW THE DEAD TO REST IN PEACE, SHEHU SANI SPEAKS ON ENUGU MORTUARY TAXPDP BLASTS FUBARA, SAYS HE REJECTED OFFER TO CONTROL PARTY STRUCTUREPETER OBI CONDEMNS FATAL SHOOTING OF SUPERSPORTS CREW, SAYS KILLINGS KIDNAPPINGS HAVE BECOME WORSENASS WANTS MORE SUFFERINGS FOR NIGERIANS, CONSIDERS BILL TO INCREASE VAT FROM 7.5% TO 10%ENUGU GOVT PLANS TO RESETTLE RESIDENTS OF TWO URBAN SLUMSBIZZARE! 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Wed. Oct 16th, 2024

OUR REFINERY WAS BUILT WITHOUT GOVT INCENTIVE – DANGOTE

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OUR REFINERY WAS BUILT WITHOUT GOVT INCENTIVE – DANGOTE

Alhaji Aliko Dangote, the President of Dangote Group, on Tuesday, said that the Dangote Refinery was constructed without any government incentives.

Dangote made this known during his keynote address at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit in Lagos.

The Summit has the theme,”Making Nigeria a Net Exporter of Petroleum Products.”.

Dangote, who was represented by Mr Ahmed Mansur, Dangote Group, said that there was need for investor incentives to realise country’s vision of becoming a refining hub.

He stressed the importance of ensuring sufficient feedstock availability, while calling for an end to mortgaging crude oil.

“It is unfortunate that while countries like Norway are investing oil proceeds into a future fund, we in Africa are spending our future earnings,” Dangote said.

He also called for prioritising the implementation of domestic crude supply obligations and expanding crude oil production capacity to meet the demands of new refining facilities.

Dangote commended the efforts of President Bola Ahmed Tinubu, highlighting the government’s active steps to accelerate International Oil Companies (IOC) divestments and other initiatives.

Despite being Africa’s largest crude oil producer, Dangote said that Nigeria had long relied on imports to meet its refined petroleum product needs.

He said, “Nigeria is poised to transition from a “net importer” to a “net exporter” of refined products, positioning itself as a significant player in global downstream trade.

“This impending transformation is indicative of our progress as an industry and as a nation. We owe a debt of gratitude to President Tinubu for his unwavering support throughout this journey.”

Dangote also addressed the opportunities in Africa, noting that the continent imports about three million barrels of petroleum products daily, with half of that coming from coastal countries.

He highlighted that these countries produce over 3.4 million barrels of crude oil daily, with imports primarily sourced from Europe, Russia and other regions.

“In 2023 alone, this trade was estimated at approximately 17 billion dollars.

“However, these markets will be better served from Nigeria, reducing logistics costs and allowing countries to purchase their petroleum product requirements just-in-time,” he explained.

He asserted that Nigeria and Africa could achieve self-sufficiency in petroleum products, retaining all economic value locally.

“We have succeeded in cement production, and we can certainly replicate that success in petroleum refining.

Dangote highlighted that the Dangote Refinery already produces sufficient diesel and jet fuel to meet Nigeria’s needs and is ramping up production of PMS to meet domestic demand.

“The refinery has also begun exporting products to markets in Europe, Brazil, the UK, the USA, Singapore, and South Korea.

He acknowledged that global developments in the petroleum sector, particularly in Europe, are likely to disrupt traditional trade flows for refined products in Africa.

“Nigeria is uniquely positioned to capitalize on these opportunities and become a formidable player in the global oil industry.

“As a vibrant exporter of refined products, Nigeria stands to improve its trade balance and generate much-needed foreign currency.

“There is no doubt about Nigeria’s potential as a refining hub; let’s work together to make it a reality,” he added.

In his address, Gov. Babajide Sanwo-Olu of Lagos State urged oil and gas stakeholders to leverage the sector’s immense potential to become a global supplier of refined petroleum products.

The governor was represented by Mr Biodun Ogunleye, Commissioner for Energy and Mineral Resources.

He affirmed the state’s commitment to supporting the vision through initiatives that enhance infrastructure, logistics and regulatory frameworks necessary for investment in energy and refining sectors.

Read Also: Dangote refinery: Marketers insist on importing 100mtn of petrol
He noted that the Dangote Refinery, located in Lagos, exemplifies the potential that exists when vision meets conducive conditions for success.

“We are at a pivotal moment in Nigeria’s economic journey, where increasing refining capacity is essential for reducing reliance on imports and positioning Nigeria as a significant player in the global energy market.

“This focus on refining will stimulate job creation, enhance foreign exchange earnings and contribute to economic diversification.”

    • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

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    FUEL PRICE HIKE: TINUBU LISTENED TO DANGOTE – IPMAN CHAIR

    HIKE IN FUEL PRICE: TINUBU LISTENED TO DANGOTE – IPMAN CHAIR The National President of the Independent Marketers Association of Nigeria, Abubakar Garima, has revealed that the Nigerian National Petroleum Company Limited is currently asking oil marketers to buy petroleum products from its depot at N1,010 per litre in Lagos State. He stated that the price peg is significantly higher than what the oil company paid to purchase products from the Dangote Refinery. According to him, the company purchased the product from the refinery for between N800 and N900 but is asking marketers to sell it at N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri. Garima said this when he appeared on ChannelsTv Sunrise Daily on Thursday. Recall that on Wednesday, the retail stations of NNPC raised the price of petrol to N1,030 from N897/litre in Abuja, and in Lagos, it was hiked to N998/litre from N868/litre. Other locations witnessed similar price hikes, a development that triggered anger among Nigerians. The price hike, the second in one month, represents about 14.8 per cent or N133 rise. With the latest price adjustment, it means that in the less than 17 months of the current administration, the price of petrol has risen by over 430 per cent from May 29, when it took over the reins of power. Although Nigerians had expected cheaper fuel prices following the commencement of the naira for crude sales, the IPMAN chair attributed the recent adjustment in the price of fuel to the impacts of the deregulation of the sector. He said, “Well, we know now that we cannot call it an increase, but rather, we can call the removal of subsidy deregulation. Now, deregulation has started taking place fully. “But our major challenge now is that independent marketers have an outstanding debt from the NNPCL and the company collected products through Dangote at a lower rate which is not up to N900 but they are telling us now to buy this product from them at the price of N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port-Harcourt and N1,040 in Warri.” On why the marketers haven’t approached Dangote to get the product at the same price, Garima explained, “We have a problem with that because we have booked products through the NNPCL, and suddenly, when they decided to increase the price, they are now asking us to add more money to buy above what Dangote is selling to them. “We have informed them to return our money to our banks so that we can go directly to Dangote for our supply. Presently, our money is with them, for about three months. We buy our products from them before loading. NNPC doesn’t sell on credit and when products are available, they call us to pick them up. “But with the recent changes, we have requested that they sell to us at Dangote price or return our money. That’s the current situation and is the reason for the scarcity. We started negotiation yesterday. “Dangote is selling to them around N800 to N900 and we are asking that it should be sold at that same price. We can decide to sell at a lower price of N1,020 or N1,010. “We also refused to buy it because they bought it at a cheaper price from Dangote but want to sell it more expensive than the amount they currently sell at their stations. This is a great challenge because this will mean our price will be higher, and it also means they would have a profit of over N100 per litre.” He added, “Marketers want to be fully engaged in the business of petrol and its components. The NNPCL has been the one bringing…

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