Expectations are sky-high that the oil-rich country is about to end its ongoing episodes of fuel shortages and price spikes, as well as a crippling subsidy system, thanks to Dangote Petroleum Refinery and Petrochemical.
Now that the billion-dollar project of the richest Black man in the world is operational, the enigma that is Nigeria’s oil industry may soon be past.
Expectations are sky-high that the oil-rich country is about to end its ongoing episodes of fuel shortages and price spikes, as well as a crippling subsidy system, thanks to Dangote Petroleum Refinery and Petrochemical.
President Muhammadu Buhari addressed the crowd at the groundbreaking ceremony for the enormous 2,635-hectare project and hailed the development of the Dangote Petrochemical Refinery and Petrochemicals in Lagos State as a turning point and milestone for the Nigerian economy.
Buhari claims that the complex at Ibeju-Lekki, Lagos State, which is the biggest single-train facility in the world and can process 650,000 barrels of oil per day, would allow the nation to become self-sufficient in refined goods and have a surplus for export.
Accordingly, “this clearly makes this event a notable milestone for our economy and a game changer for the downstream petroleum product market not only in Nigeria but also in the entire African continent,” he stated.
The President further stated that numerous external crises, such as the global financial crisis, the collapse of oil prices, the coronavirus pandemic, and the Russia-Ukraine War, had had a significant negative impact on the nation’s economy, which has been under stress for many decades due to significant infrastructure deficits and an ongoing insurgency.
The effects of these problems put a heavy pressure on our economy and make it difficult for the government to build essential infrastructure without taking on a lot of debt.
He said that the government must focus on fostering an atmosphere that would allow the private sector to flourish and close the large investment deficit in all crucial industries, as well as in infrastructure.
