Dangote’s fuel supply to stimulate economic growth in Nigeria – Governor Abiodun

Governor Dapo Abiodun has assured that the production of petrol by the Dangote Refinery will strengthen the nation’s economy by ending the repeated cases of shortages and conserving foreign exchange.

The Ogun State governor said this in a statement by his chief press secretary, Lekan Adeniran.

Governor Abiodun expressed optimism that the imminent production at the Warri and Port Harcourt refineries, in addition to the current one, would bring relief from persistent fuel shortages and stimulate economic growth.

He lauded Aliko Dangote’s perseverance in completing the multibillion-dollar project despite challenges. The governor also acknowledged President Bola Tinubu’s instrumental role in ensuring the refinery’s timely completion, praising his dedication to revitalizing Nigeria’s refineries.

This comprehensive approach, he noted, would lead to a significant decrease in fuel prices once all refineries become operational.

The governor said, “With the refinery coming on stream, one of the most significant challenges faced by Nigeria for more than three decades—reliance on fuel importation would be solved.

”Petrol produced from the 650,000 barrels per day Dangote refinery is expected to hit filling stations in the next 48 hours as modalities with the Nigerian National Petroleum Company Limited have been formalised.”

He added that: “This significant achievement marks a transformative milestone not only for you as an entrepreneur but also for Nigeria and the broader African continent. The establishment of this refinery represents a pivotal shift in the energy landscape of the region, showcasing the power of vision, resilience, and unwavering commitment to economic development.

“The Dangote refinery is poised to be a game-changer in the production of petrol, addressing one of the most pressing challenges faced by Nigeria: reliance on imported fuel. This dependency has not only strained our foreign exchange reserves but has also hindered our potential for self-sufficiency. By producing petrol locally, the refinery will drastically reduce the outflow of foreign currency, thereby strengthening our economy.

“This move aligns perfectly with the President Bola Tinubu-led administration’s efforts to achieve economic diversification and reduce reliance on oil exports alone. Moreover, the economic impact of the refinery extends beyond just fuel production. It is expected to generate thousands of jobs, both directly and indirectly, thus contributing to the reduction of unemployment rates.”

Mr Dangote revealed that petrol produced from his 650,000 barrels per day refining facility will hit filling stations in the next 48 hours as modalities with the Nigerian National Petroleum Company Limited had been formalised.

When asked to comment on the pricing of the product from his refinery, Mr Dangote said, “It is an arrangement which is designed and approved by the Federal Executive Council led by President Tinubu. As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”