Ogun State Governor Prince Dapo Abiodun stated that the start of fuel production at the Dangote refinery will boost Nigeria’s economy by addressing frequent fuel shortages and conserving foreign exchange. The refinery, with a capacity of 650,000 barrels per day, is expected to supply petrol to filling stations within the next 48 hours, following the finalization of agreements with the Nigerian National Petroleum Company Limited.
In a statement released on Tuesday by his Chief Press Secretary, Lekan Adeniran, Governor Abiodun highlighted that the refinery’s operation will resolve Nigeria’s long-standing challenge of dependence on fuel imports, which has persisted for over 30 years.
The statement also noted that the upcoming production from the Warri and Port Harcourt refineries will provide additional relief from fuel shortages and offer an economic boost.
Governor Abiodun lauded Alhaji Aliko Dangote for his perseverance in completing the multi-billion-dollar project despite numerous challenges. He also praised President Bola Ahmed Tinubu for his role in facilitating the refinery’s launch and for his commitment to revitalizing other refineries, which he believes will significantly reduce fuel prices once all are operational.
He remarked: “This milestone is transformative not just for you as an entrepreneur but for Nigeria and the wider African continent. The refinery marks a major shift in the region’s energy sector, demonstrating the impact of vision, resilience, and dedication to economic progress.
“The Dangote refinery is set to revolutionize petrol production in Nigeria, addressing the critical issue of our reliance on imported fuel. This dependency has strained our foreign reserves and hindered our path to self-sufficiency.
“Local petrol production will minimize foreign currency outflows, thus strengthening our economy and supporting the President Bola Tinubu-led administration’s goals of economic diversification and reduced dependence on oil exports.
“Beyond fuel production, the refinery is expected to create thousands of jobs, both directly and indirectly, reducing unemployment rates and stimulating growth in related industries. This will invigorate local economies and improve the livelihoods of many Nigerians.
“Furthermore, the refinery will enhance Nigeria’s energy security by meeting a substantial portion of the country’s petrol needs, mitigating the issues of fuel shortages and price volatility. This stability will foster a more favorable business environment, attract foreign investment, and further spur economic growth.”