Dangote Refinery, an indigenous refinery, listed seven points yesterday that could help Nigeria boost investment and stability in the downstream sector.
Increased private sector enterprise, a competitive investment regime, a shift in government policy, the elimination of fuel subsidies, the introduction of calibrated fuel taxation, the reduction of interest rates to a single digit regime, and careful monitoring were among the seven points.
The company stated that the downstream sector of the economy is currently hampered by a lack of private investment and inadequate infrastructure, preventing the government from meeting domestic demand for petroleum products.
It also stated that increased product importation has resulted in a loss of foreign exchange that could have been used to complete projects and programs.
Engr. B Soyode, Technical Consultant, Dangote Industries Limited, said this while speaking on “Dangote Refinery – Game Changer of the Downstream Industry” at the Nigerian Content Midstream/Downstream Oil and Gas Summit in Lagos, that the situation will change for the better once the refinery’s 650,000 barrels per day, bpd plant comes on stream.
Dangote Petroleum Refinery was recently praised by the Society of Petroleum Engineers (SPE) and the Nigerian Content Development and Monitoring Board (NCDMB) for using world-class technology in its construction.
The SPE and NCDMB, who recently visited the petroleum refinery project, believe that the facility has the potential to redefine Nigeria’s domestic fuel production.
They also stated that the completion of the massive project will ensure the future of Nigeria’s young engineers and put them on par with their counterparts in the global oil and gas industry.
