Petrol production by Dangote refinery will eliminate scarcity, says Dapo Abiodun

Dapo Abiodun, Ogun state governor, says the commencement of petrol production by the Dangote Petroleum Refinery will strengthen Nigeria’s economy by eliminating constant shortages and conserving foreign exchange (FX).

In a statement on Tuesday signed by Lekan Adeniran, his chief press secretary, Abiodun said with the refinery commencing petrol production, Nigeria’s reliance on petrol importation will drop.

“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,” he said.

“This dependency has not only strained our foreign exchange reserves but has also hindered our potential for self-sufficiency.”

Abiodun also said with the Warri and Port Harcourt refineries also being prepared to begin production, Nigerians will experience relief from constant petrol shortages, while the economy will also receive a boost.

He praised Aliko Dangote, chairman of Dangote Industries Limited, for completing the multi-billion dollar projects against the odds.

“This significant achievement marks a transformative milestone not only for you as an entrepreneur but also for Nigeria and the broader African continent,” he said.

“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.”

Abiodun also commended President Bola Tinubu for ensuring the refinery commenced production during his administration.

He praised the president’s commitment to the revitalisation of other refineries in the country, which, he said, will drastically reduce petrol prices when all of them start production.

“By producing petrol locally, the refinery will drastically reduce the outflow of foreign currency, thereby strengthening our economy,” he said.

“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.”

Abiodun said that with energy security, price volatility associated with petrol shortages will drastically reduce.