Dapo Abiodun, Governor of Ogun State has said that the start of petroleum production by the Dangote refinery will enhance Nigeria’s economy by removing frequent shortages and preserving foreign exchange.
Petrol produced at the Dangote refinery, which produces 650,000 barrels per day, is likely to reach filling stations within the next 48 hours, as arrangements with the Nigerian National Petroleum Company Limited have been established.
In a statement issued on Tuesday by his Chief Press Secretary, Lekan Adeniran, Prince Abiodun stated that the refinery will address one of Nigeria’s most critical concerns for more than three decades: dependency on petroleum imports.
According to the statement, with the Warri and Port Harcourt refineries also set to commence production, Nigerians will breathe a sigh of relief from ongoing gasoline shortages, while Nigeria’s economy would benefit.
Prince Abiodun lauded Alhaji Aliko Dangote for his dedication to see through multibillion-dollar projects despite all challenges.
The governor also praised President Bola Ahmed Tinubu for his role in ensuring that the refinery is operational under his government.
He complimented the President’s commitment to revitalizing other refineries in the country, which he claims would significantly lower fuel prices once all of them begin operations.
He said:
“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 Nigeria’s 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. The ripple effect of this employment generation will invigorate local economies, stimulate growth in ancillary industries, and enhance the livelihoods of countless families across Nigeria.
“In addition to bolstering local employment and economic activity, the refinery’s operations are expected to enhance energy security in Nigeria. With the capacity to produce a substantial volume of petrol, the country will be better equipped to meet its energy needs, reducing the volatility associated with fuel shortages and price fluctuations.
“This stability will inevitably create a more favourable environment for businesses and attract foreign investments, further boosting Nigeria’s economic growth.”
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cc: Daily Post Ng
