The completion of the Dangote Refinery and other modular refineries in Nigeria will bring relief to Nigeria and other African countries suffering from sloppy economic situations caused by by price instability.
The President of Ghana, Nana Akufo-Addo, who made this known at a forum in Egypt, said his country was already anxiously waiting for the completion of the Dangote Refinery to save his government from economic distortion caused by massive importation of petroleum products from Europe.
Also speaking, the Technical Adviser to the President of Dangote Group on Refinery and Petrochemicals, Babajide Soyode, said the completion of Dangote Refinery and other modular refinery projects in Nigeria, would culminate in the integration of the downstream industries, lower cost of business and stabilise the prices of petroleum products across the African sub-region.
Soyode, who spoke during a panel session on ‘Refining, Transportation and Petrochemicals Forum’, at the just-concluded 2019 Nigeria International Petroleum Summit in Abuja, emphasised the need for the Federal Government to fully deregulate the downstream sector.
He said: “By the time Dangote completes the largest single train refinery, in addition to what other investors are doing, Nigeria will have more than enough petrol for domestic use and for export,” stressing the need for government to allow the private sector run the downstream industry.
Soyode said the refinery will save Nigeria from importation of refined products, which would help to boost the value of the naira, saying there is no need for the Federal Government to continue to subside petrol.
Source: The Nation