*Olawale 岷�dun, Minister for Finance and Coordinating Minister of the Economy, affirms the commencement of petrol lifting from the Dangote Petroleum Refinery and Petrochemicals Limited, in Lagos, marks a return to industrialisation and local refining in Nigeria

Alexander Davis | 绿帽献妻

The Federal Government of Nigeria has said the commencement of petrol haulage from the Dangote Petroleum Refinery and Petrochemicals Limited, in Lagos, marks a return to industrialisation and local refining in the West African country.

The Nigerian Government stated this Saturday, September 14, 2024, as a fleet of trucks from the Nigerian National Petroleum Company Limited (NNPCL), began transporting Premium Motor Spirit (PMS), also known as petrol, from the world’s largest single-train refinery, located in the Ibeju-Lekki area of the state.

Oil tankers loading petrol at the gantry of the Dangote Petroleum Refinery, in Lagos

绿帽献妻 reports Mr. Olawale 岷竏un, Honourable Minister for Finance and Coordinating Minister of the Economy, led the Federal Government’s delegation to the Dangote Petroleum Refinery.

The Minister described the event as epoch-making and a renewal of Nigerians’ hope in industrialisation and local refining.

岷竏un stated: “This is the resumption of Nigeria’s march toward industrialisation.

“It represents a return to what we once had鈥攍ocal refining and local supply of petroleum products in the Nigerian market.

“It has been decades since we last achieved this, but we have it today.”

Lifting of petrol signifies聽 important step towards energy self-sufficiency, says Edun

Accompanied by Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-Committee on Naira-based crude sales to local refineries, the Minister also emphasised that the initiative would ensure energy self-sufficiency and security in Nigeria.

He as well explained that the product availability to Nigerian energy consumers would end perennial fuel scarcity and long queues in the country.

This development aligns with President Bola Ahmed Tinubu’s vision of adding value to raw materials before they leave Nigeria, stated Edun.

According to him, Tinubu originated the free trade zone concept during his term as governor of Lagos State between 1999 and 2007.

The Minister further explained: “Today, you have taken an important step towards energy self-sufficiency in Nigeria. “We have advanced toward energy security and the implementation of the government’s policy of boosting domestic investment.”

He also noted: “It is President Tinubu’s vision that no raw material should leave Nigeria’s shores without some form of value being added. “Commendation is due to His Excellency, Bola Ahmed Tinubu, who facilitated the supply of crude to local refineries in naira by ensuring that NNPC provides crude to these refineries.”

The Minister equally lauded Alhaji Aliko Dangote, President/Chief Executive of Dangote Industries Limited, and his team for restoring Nigeria’s status as a producer of refined products, nearly three decades after the country ceased local refining.

Edun appreciated Dangote for his patriotism, and for exemplifying the “can-do” spirit of Nigeria, despite skepticism from many quarters about the feasibility of establishing a refinery.

He stated: “We congratulate Dangote, Africa’s foremost businessman and industrialist, and arguably one of the top investors in the world, on this day of triumph and success.

“They said it couldn’t be done, that we could not produce PMS from this facility, but today we are all witnesses to the commencement of PMS loading here.”

The Minister for Finance and Coordinating Minister of Economy asserted: “This refinery is producing PMS that is sufficient for the entire Nigerian market, with a surplus for export.

“We call on other domestic refiners to not only supply the local market but also to change the narrative by producing petroleum products for the sub-region and beyond.

“This will generate additional foreign exchange revenue for the betterment of the economy.

“We are thrilled that this day has arrived.”

Quality of Dangote Petroleum products a benchmark for Nigerian companies to compete globally

Commending the quality of products from the Dangote Petroleum Refinery, Edun asserted聽 that the facility’s global competitiveness enables it to export its products, and sets a benchmark for Nigerian companies to compete favourably on the international stage.

The Minister also commended the technical sub-committee on Naira-based crude sales to local refineries for finalising all formalities, ensuring a smooth supply of crude to local refineries.

President Tinubu is also focusing on enhancing food security, stated Edun.

Speaking during the visit of the Federal Government’s delegation, Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited (DIL), stated that the commencement of PMS production from the refinery fulfills Dangote’s vision of addressing energy supply challenges in Nigeria.

Edwin emphasised the feat is a point of pride that a Nigerian company has designed and built the world鈥檚 largest single-train refinery complex.

The Vice-President, Oil and Gas at DIL, stated this would not only make Nigeria self-sufficient in refined products but also a net exporter.

He said: “If you consider the refinery’s capacity for PMS alone, processing 52,000 barrels of crude each day generates more than 54 million litres of PMS.

“Additionally, the refinery can produce other products.

“Specifically, 44% of the refinery’s capacity can meet 100% of domestic needs, while 56% is allocated for export. It is indeed a massive refinery.”

Edwin also maintained that the refinery would significantly benefit the country鈥檚 economy by reducing Nigeria鈥檚 Foreign Exchange demand by at least 40 percent while also generating foreign earnings through exports.

He averred: “It will not only substitute imports but also boost Forex generation through export.

“We will save foreign exchange in two ways: first, by reducing expenditures on importing petrol, jet fuel, diesel, and other products, and second, through the revenue generated from exports.”

He also addressed concerns about tankers overwhelming the Ibeju-Lekki area of Lagos State, as seen in the Apapa axis of the cosmopolitan state.

Edwin assured that the refinery has made provisions for loading petroleum products via its jetty and emphasised that it includes a self-sufficient marine facility capable of handling the world鈥檚 largest vessels.

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