The respected clergyman made the call for nationwide prayers during the November 2024 Abuja Special Holy Ghost Service themed ‘Total Restoration’, which held in the capital city. While Adeboye did not explicitly name the Dangote Petroleum Refinery, his remarks echoed the ongoing attempts by oil marketers to prevent the refinery from functioning as it was designed to. 

The Dangote Refinery based in Ibeju-Lekki, Lagos is the only facility currently refining petrol in Nigeria, and Adeboye’s comments reflected the dispute between the refinery and oil marketers, who seek to continue importing fuel for personal gain.

Pastor Adeboye reminded the congregation that it was God who raised Aliko Dangote to establish a refinery after years of failed attempts to revive Nigeria’s four public refineries, which had consumed billions of Naira with little result. He questioned the persistence of fuel imports despite Nigeria’s status as a major crude oil producer.

“Are we under a curse?” he asked. “We have four refineries, we poured all kinds of money into them, none of them is working. But God raised someone to build a refinery that works. He is not my relative, he is not from my village. He is not even a Christian, but he is a Nigerian who says, ‘Why should my people suffer when I have the means to build a refinery that can work?’ Now he is refining petrol, and some people want to stop him from selling it, so they can keep importing.”

Adeboye also pointed out the damage caused by the fuel subsidy, describing it as a significant drain on Nigeria’s resources, contributing to the country’s mounting debts and corruption. He stressed that when President Bola Ahmed Tinubu announced the end of the subsidy in 2023, Nigerians largely welcomed the decision, but oil marketers, who benefitted from the subsidy regime, were furious.

These marketers, the renowned pastor claimed, have formed alliances with some International Oil Companies (IOCs) and other powerful interests to obstruct the Dangote Petroleum Refinery. This includes restricting access to crude oil, forcing Dangote to import crude from countries like the United States, among others.

He called for prayer for the total restoration of the country, noting that the Nigerian people are suffering the consequences, as the prices of essential goods have soared, pushing many items beyond the reach of ordinary citizens. “The masses are the ones suffering because these marketers, who are bent on keeping imports alive, already have more money than they can ever spend,” he said.

Despite the Dangote Petroleum Refinery’s capacity to meet Nigeria’s entire demand for petroleum products – and even to export surplus fuel – oil marketers continue to pressurise the government to allow ongoing petrol imports. This has placed additional strain on the Naira, which has continued to depreciate.

Recently, the Crude Oil Refineries Owners Association of Nigeria (CORAN) urged the government to protect local refineries from unfair competition posed by importers and international petroleum traders, in line with provisions in the Petroleum Industry Act (PIA).

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This was contained in a statement signed on Tuesday by the Group Chief Branding and Communications Officer of Dangote Industries Limited, Anthony Chiejina.

The denial came following reports by some publications, that the refinery was in talks with oil marketers, and that petrol may sell for as low as ₦600 per litre.

The company, however, emphasised that it has not partnered with the Independent Petroleum Marketers Association of Nigeria (IPMAN), and will communicate through official channels.

It states, “Our attention has been drawn to headlines announcing “Marketers Project N600/litre for Dangote Petrol” published in Punch Newspapers on Tuesday, August 13, 2024.

“We would like to clarify that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is not our business partner yet.”

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During a tour of both Dangote Petroleum Refinery and the Dangote Fertiliser Limited complex by members of the House of Representatives, the Speaker of the House of Representatives, Rt Hon. Tajudeen Abbas and other members who observed the testing of Automotive Gas Oil (diesel) from two petrol stations alongside Dangote Petroleum Refinery, praised the company for its significant investments and contributions to Nigeria’s development.

The diesel samples were procured from two well-known filling stations near Eleko junction along the Lekki Epe Expressway, by the honourable members. Chairman of the House Committee on Downstream, Hon. Ikeagwunon Ugochinyere, and Chairman of the House Committee on Midstream, Hon. Okojie Odianosen, oversaw the collection of samples from the Mild Hydro Cracking (MHC) unit of Dangote refinery for testing of all the samples.

Lab tests revealed that Dangote’s diesel had a sulphur content of 87.6 ppm (parts per million), whereas the other two samples showed sulphur levels exceeding 1800 ppm and 2000 ppm respectively.

Dangote emphasised that these findings debunked claims made by Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Authority, who recently asserted that imported diesel surpasses domestically refined products. Ahmed had alleged that Dangote refinery and other modular refineries like Waltersmith and Aradel produced diesel with sulphur content ranging from 650 to 1200 ppm—a statement criticised by many Nigerians as a tactic to favour imported products over local ones.

Dangote openly challenged the regulator to compare the quality of refined products from his refinery with those imported, advocating for an impartial assessment to determine what best serves the interests of Nigerians.

“We produce the best diesel in Nigeria. It’s disheartening that instead of safeguarding the market, the regulator is undermining it. Our doors are open for the regulator to conduct tests on our products anytime; transparency is paramount to us. It would be beneficial for the regulator to showcase its laboratory to the world so Nigerians can compare. Our interest is Nigeria first because if Nigeria doesn’t grow, we have limited capacity for growth.

“Right Honourable Speaker and esteemed members, you’ve witnessed the results of the credibility test. I appreciate your wise counsel in procuring samples from the filling stations alongside our refinery’s product. Ours shows a sulphur content of 87.6 ppm, approximately 88, whereas the others exceeded 1,800 ppm. Although the NMDPRA permits local refiners to produce diesel with sulphur content up to 650 ppm until January 2025, as approved by ECOWAS, ours is significantly lower. Next week, we aim to achieve 10 ppm, aligning with the Euro V standard. Imported diesel is capped at 50 ppm, but as you’ve seen, those from the stations, imported by major marketers, fall well outside this standard.”

Dangote pointed out that high-sulphur content diesel regularly imported into the country often comes with dubious certifications. He emphasised that the most effective method to verify the quality is to purchase the product directly from filling stations and conduct credibility tests. According to him, this issue has resulted in both health risks and financial losses for Nigerians.

“Dubious certifications often accompany the importation of high-sulphur diesel into Nigeria, causing both health risks and financial losses for Nigerians,” noted Dangote. “The best method to verify this is to purchase the product directly from filling stations where end-users obtain it. I believe Farouk Ahmed speaks without sufficient knowledge of our refinery. We have successfully exported diesel and jet fuel to Europe and Asia without any complaints; in fact, we have received repeated orders, indicating satisfaction with our products.”

Supporting Dangote’s assertion, VP of Gas and Oil at Dangote Industries Limited, Devakumar Edwin, highlighted recent actions by European countries like Belgium and the Netherlands. “These countries have expressed concerns about the carcinogenic effects of high-sulphur diesel being dumped into the Nigerian market, prompting them to impose bans on such fuel exports to West Africa.”

Edwin informed the federal lawmakers that the Dangote Petroleum Refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Tight Oil, conforms to Euro V specifications. In addition, he said, it is designed to comply with US EPA, European emission norms, Department of Petroleum Resources (DPR) emission/effluent norms, and African Refiners and Distribution Association (ARDA) standards.

Noting that products from the $20 billion facility are of high quality and meet international standards, Edwin said it has the capacity to meet 100% of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.

The Group’s VP, Olakunle Alake, expressed disappointment over accusations of monopoly against the Dangote Group. He stressed that there are multiple players in the industry, including the Nigerian National Petroleum Corporation (NNPC), which operates four refineries.

Expressing concern over the controversy surrounding the quality of imported refined products into Nigeria, Speaker Rt. Hon. Abass stated that the Green Chamber would establish a committee to investigate the matter thoroughly. He emphasised that sampled products from various sources would undergo testing as part of this initiative.

The Speaker also expressed admiration for the infrastructure at the Dangote Oil Refinery, describing it as a significant asset in Nigeria’s quest for self-sufficiency in petroleum products. He noted that the refinery has positioned itself as a pivotal player, especially at a time when global concerns over energy security and sustainability are paramount.

“Today’s visit to the magnificent facilities of Dangote Industries Oil Refinery section has been nothing short of enlightening. It has afforded us a rare opportunity to witness first-hand the monumental strides that your organisation has made in transforming the landscape of petroleum production in Nigeria. The sheer scale and sophistication of this facility are awe-inspiring; it stands as a beacon of hope for our country as we navigate through the turbulent waters of energy supply challenges,” he said.

Commending the state-of-the-art technology implemented at the petroleum refinery, Abbas praised it as revolutionary and a shining example of engineering and innovation excellence.

“Each corner of this facility resonates with the echoes of hard work, dedication, and an unyielding pursuit of quality. It is evident that every drop produced here carries not just oil but also the hopes and dreams of millions who yearn for a brighter future. We are deeply impressed by what we have seen during this visit which confirms the rating of this industry as the single largest oil refinery in Africa. This remarkable achievement does not merely reflect corporate success; it symbolises national pride, a tribute to what can be accompanied when visionary leadership meets relentless determination,” he said.

Acknowledging the numerous challenges likely encountered during the construction of the refinery, the Speaker lauded Dangote for his steadfast commitment to achieving excellence.

“I would like to take this opportunity to acknowledge the myriad challenges that have beset this remarkable facility. The regulatory hurdles that often loom like dark clouds over progress, the complexities surrounding crude oil supplies that can stifle even the most ambitious endeavours, and the daunting economic landscape we navigate especially in these times when our economy grapples with foreign exchange constraints are all formidable adversaries. Yet, despite these tribulations, your unwavering commitment to excellence shines through,” he attested.

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Speaking at the 16th Oil Trading and Logistics Expo in Lagos with the theme: “Regulating Downstream Energy Transition in Dynamic Times”, Abdul-Hamid said the completion of the Dangote Petroleum Refinery project would be a breakthrough for the West African region which has for a long time depended on importation of petroleum products.

According to him, Ghana is presently facing the challenge of continuous rise in the cost of petroleum products, adding that getting importers to turn their attention towards Nigeria, rather than going all the way to the Netherlands for petroleum products importation, would help his country stem the tide of a continuous increase in the price of fuel.

He stated: “The Dangote Petroleum Refinery will have a huge impact on Ghana’s downstream sector. Right now, Ghana’s downstream industry is completely deregulated. There is no petrol subsidy in Ghana. For a deregulated market where the importers recover their costs fully, importing from Nigeria will certainly be more cost-effective and cheaper than importing from Rotterdam in the Netherlands where we get the bulk of our fuel in Ghana.

“As we all know, the price builds up for a liter of fuel will include the cost of shipment, transportation, insurance, and others, but if we are importing from Nigeria into Ghana, this will bring down the cost of fuel in our country. Ghanaians are very excited about the prospect of the Dangote Petroleum Refinery. Ghana had in the past built a good relationship where we get petroleum products from Nigeria at a reasonable and more affordable cost. I believe that the coming onstream of Dangote Petroleum Refinery will further strengthen the existing relationship between Nigeria and Ghana.”

Abdul-Hamid said the Ghanaian government was also developing a 60-billion-dollar petroleum hub project on 20,000 acres in the western part of the country for storage and marine facilities.

“All the above-mentioned projects will help accelerate the petroleum hub, consisting of refineries, and petrochemical development of the continent’s oil and gas resources, by connecting the downstream to the upstream. It will promote cleaner fossil fuels and biofuels as the pathway to a just energy transition. Gas has been accepted as the transition fuel because gas is the least carbon-emitting fossil fuel”, he added.

Speaking also at the event, Permanent Secretary, Ministry of Petroleum Resources, Nigeria, Gabriel Aduda said deregulation would increase transparency in the downstream sector of the petroleum industry. He said full deregulation would also create healthy competition among investors.

Aduda, who was represented by Mr. Augustine Okwudiafor, the Deputy Director, of Downstream Department, Federal Ministry of Petroleum Resources, noted that deregulation would give business guarantees to potential investors at the stage of conceptualisation. According to him, deregulation would significantly reduce, if not eradicate completely, the diversion and smuggling of petroleum products across Nigerian borders.

“All hands are on deck towards full deregulation of the downstream sector, as this will ensure commercialisation and liberalisation of the sector. It will also increase investment opportunities, create more jobs and promote a seamless energy transition. All these measures and many more will cushion the projected impact of downstream sector deregulation on consumers and the economy at large,” he said.

He further said data was key in the Oil and Gas Industry, and that any reliable and accurate data would give investors a certain level of assurance.

“Hence, the government is keen and determined to harmonise all downstream data across the relevant agencies and parastatals to eradicate data variations. The government, through the Ministry of Petroleum Resources, its agencies, and the Federal Ministry of Science and Technology, is considering enhanced technologies. They include Machine Learning (ML) and Artificial Intelligence (AI) to monitor and gather downstream data for effective policy formulation and investment guidance,” he said.

Aduda emphasised that oil also had a place in the energy transition space in the sense that oil could be made cleaner through the development and use of appropriate technologies. He said moving the downstream sector forward to that enviable position required collaborative efforts from all stakeholders. “I challenge you all to come along to move the downstream sector towards achieving the downstream we could all be proud of,” he added.

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The refinery, with 650,000 barrels per-day installed capacity is expected to double the total output of Nigeria’s existing ailing refining infrastructure and meet 100 per cent of the Nigerian requirement of all refined products will pump out fuel any moment soon, the Agency declared.

The NMDPRA made this disclosure in Abuja when representatives of the Dangote Petroleum Refinery visited in Abuja to present the work plan for the facility for 2022/2023 as the regulatory agency for the sector.

The successful completion of Africa’s biggest petroleum refinery and the world’s largest single-train facility is expected to have a significant impact on Nigeria’s foreign exchange through import substitution and substantial savings in earnings. It is expected, that once the refinery commences production, the pressure on the nation’s currency will reduce and significant inflow of forex, is expected to come in through sales from the refinery.

On completion of the refinery, it is estimated that Nigeria will import zero petroleum oil products – down from approximately $50 billion current oil product imports per year.

“Today, representatives of the Dangote Refinery and Petrochemicals presented their 2022/2023 work plan to the Authority which showed that the refinery project is estimated to be at 97 per cent completion.

“Dangote Oil Refinery is a 650,000 barrels per day integrated refinery project under construction in the Lekki Free Trade Zone, Lagos. It is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility,” the NMDPRA said during the visit.

NMDPRA’s Chief Executive, Mr Farouk Ahmed, reiterated the importance of the Dangote petroleum Refinery to the country while assuring that the Authority will give all necessary support to ensure timely completion and kick-start operations.

Speaking on the refinery project, Group Executive Director, Strategy, Portfolio Development & Capital Projects, Dangote Industries Limited, Mr. Devakumar Edwin said it (refinery) would stimulate economic development in Nigeria, adding that it can meet 100 per cent of the Nigerian requirement of all liquid products (Gasoline, Diesel, Kerosene and Aviation jet), and also have surplus of each of these products for export.

“The high volume of petrol output from the refinery would transform Nigeria from a petrol import-dependent country to an exporter of refined petroleum products,” he stated adding that the refinery would produce Euro-V quality gasoline, diesel, jet fuel, kerosene and poly-propylene for local consumption and also have surplus of each of the products for export.

On employment generation, he disclosed that over 30,000 people are currently working at petroleum Refinery project sites through various contractors noting that when operational, the refinery will generate over 100,000 direct and indirect jobs for the youths.

On local content development, Edwin said the company had trained over 600 artisans selected from the host communities in the areas of masonry, AC electricians, plumbing, welding, iron bending and auto mechanics.

The refinery design, according to the company, conforms to World Bank, United States (US), United States Environmental Protection Agency (EPA), the European Union (EU), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) standards.

The refinery has its own dedicated steam and power generation system with adequate standby units of reliable/uninterrupted utility supply to operating plants.435 Power plant in refinery.

“It also has self-sufficient marine facility with the ability for freight optimisation; the largest single order of 5 SPMs anywhere in the world; Crude SPM for unloading ships up to ULCCs; 3 product SPM for product exports up to Suez Max vessels and 2 X 48” subsea crude pipelines with interconnection.

“Dangote industries has developed a port and constructed quays with a loading bearing capacity of 25 tonnes/sq meters to bring Over Dimensional Cargoes close to the site directly to handle liquid cargoes. The jetty is situated at a distance of 12.3 km from the refinery thereby effectively reducing the travel time.

“Dangote Petroleum Refinery maintains high standards for all its business practices, valuing health, safety, environment and rights for its employees, compliances with all applicable local and international laws, and being a committed partner to communities, governments and the environment,” Edwin added.

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In IMF’s Executive Board 2021 Article IV Consultation with Nigeria released recently, the global organisation added that Nigeria’s ratification of the African Continental Free Trade Agreement could also yield a positive boost to the non-oil sector while oil production could rebound, supported by the more generous terms of the Petroleum Industry Act.

According to the IMF, Nigeria exited the recession in the fourth quarter of 2020 and its output rose by 4.1 per cent (y-o-y) in the third quarter, with broad-based growth except for the oil sector, which is facing security and technical challenges.

While growth was projected at 3 per cent for 2021, it stated that headline inflation rose sharply during the pandemic, reaching a peak of 18.2 per cent year-on-year (y-o-y) in March 2021, but has since declined to 15.6 per cent in December.

The institution attributed this to the new harvest season and opening of land borders, although it noted that the reported unemployment rates (end 2020) have yet to come down. It, however, confirmed that more recent COVID-19 monthly surveys have shown that employment was back at its pre-pandemic level.

“Despite the recovery in oil prices, the general government fiscal deficit is projected to widen in 2021 to 5.9 per cent of GDP, reflecting implicit fuel subsidies and higher security spending,” the Fund said. “Moreover, the consolidated government revenue-to-GDP ratio at 7.5 per cent remains among the lowest in the world.

“After registering a historic deficit in 2020, the current account improved in 2021, and gross FX reserves have improved, supported by the IMF’s SDR allocation and Eurobond placements in September 2021.

“Notwithstanding the authorities’ proactive approach to contain COVID-19 infection rates and fatalities and the recent growth improvement, socio-economic conditions remain a challenge. Levels of food insecurity have risen, and the poverty rate is estimated to have risen during the pandemic.”

The directors highlighted the urgency of fiscal consolidation to create policy space and reduce debt sustainability risks and called for significant domestic revenue mobilisation.

“They noted that exchange rate reforms should be accompanied by macroeconomic policies to contain inflation, structural reforms to improve transparency and governance, and clear communications regarding exchange rate policy.

“Directors considered it appropriate to maintain a supportive monetary policy in the near term, with continued vigilance against inflation and balance of payments risks. They encouraged the authorities to stand ready to adjust the monetary stance if inflationary pressures increase,” the consultation noted.

“Directors recommended strengthening the monetary operational framework over the medium term – focusing on the primacy of price stability – and scaling back the central bank’s quasi-fiscal operations. Directors welcomed the resilience of the banking sector and the planned expiration of pandemic-related support measures. They agreed that while the newly launched eNaira could help foster financial inclusion and improve the delivery of social assistance, close monitoring of associated risks will be important. They also encouraged further efforts to address deficiencies in the AML/CFT framework.

“Directors emphasised the need for bold reforms in the trade regime and agricultural sector, as well as investments, to promote diversification and job-rich growth and harness the gains from the African Continental Free Trade Agreement. Improvement in transparency and governance are also crucial for strengthening business confidence and public trust. Directors called for stronger efforts to improve the transparency of COVID-19 emergency spending,” the IMF added.

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The AfDB boss, who was on a tour of Dangote refinery and fertiliser projects over the weekend with the board members of the bank, described Aliko Dangote as an enigma, who should be honoured in Africa and even beyond for his passion, vision, and determination to develop and ensure that Africa, as a continent, is out of the poverty circle; with his aggressive employment generation scheme across most African countries.

According to him: “One of the things I admire the most about Alhaji Dangote is that, he actually believes in Nigeria, and he invests his money in Nigeria. He believes in Africa and invests in Africa. Nobody could invest the type of billions of dollars that is here, unless the person not only has the vision but also the commitment and passion for his country. We are extremely proud of you and of your commitment to the continent.

“Aliko is quite an inspirational and visionary business leader and for anybody to have done what I have seen here, I think that person deserves world class kudos for that… I see a company that I will proudly call Africa’s growth accelerator company. With this project, we see an acceleration of how to reduce imports. We see an acceleration on how to have an outbound on export; a value chain development and how to compete regionally and globally”, the top banker said.

“I am completely blown away with what I saw here today…I can’t believe what I saw…this project will reverse the huge sum the nation spends on foreign exchange…when you look at how much we import, it is about $57 billion worth of different products and we export only about $50.4bn, so we have to balance that with about $7bn and talking to them here, they showed us that they can have a domestic market of about $11bn and that is an incredible market and that will save Nigeria about $9 billion dollars, a year from importing petroleum products, so this is huge for Nigeria and even for Africa as a continent,” Adesina enthused.

On the fertiliser complex, he said, “being a man passionate about agriculture, this is a company that is producing three million metric tonnes of urea, which will make Nigeria totally self-sufficient”, and added that, “Nigeria will become net exporter of fertilisers. It will drive productivity growth in Nigeria, prices will come down and the quality will also improve.”

While thanking the AfDB team for their visit to the Plants, President of Dangote Group, Aliko Dangote said, “The Refinery will commence operation by the third quarter of 2022. On the mechanical completion, we are almost finished but we have started hydro testing, almost 70% gone, hopefully before the end of Q3 operation will commence.”

Group Executive Director, Strategy, Portfolio Development & Capital Projects, Dangote Industries Limited, Devakumar Edwin said the refinery complex, which includes a refinery, petrochemical plant, a fertiliser plant, and a subsea pipeline project, is the largest single-train refinery in the world.

He stated that the 650,000 barrels-per-day refinery would stimulate economic development in Nigeria. According to Edwin, Dangote Petroleum Refinery can meet 100% of the Nigerian requirement of all liquid products (Gasoline, Diesel, Kerosene, and Aviation Jet), and also have surplus of each of these products for export.

He stated that this would create a market for $11 billion per annum of Nigerian crude and foreign exchange savings/earnings $9.9 billion. He noted that “we have impacted on job creation with 3,580 Nigerian personnel on-site, excluding employment by the various contractors and subcontractors at the site.”

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Besides, the organisation expressed a belief that the success of Dangote Refinery project could incentivise the rise of similar projects across Africa despite the current focus on energy transition.

The Secretary-General, African Petroleum Producers Organisation, Dr. Omar Farouk Ibrahim, said in an interview that Dangote Refinery shall be supplying over 12% of Africa’s products demand when it becomes operational.

Ibrahim stated, “To appreciate the impact that the Dangote refinery is going to have on African economies and especially on the supply of petroleum products, and to some extent the conservation of scarce foreign exchange, a look at some statistics on the continent’s petroleum products demand and supply is in order.

“Currently, Africa’s daily petroleum demand is 4.3 million barrels per day (mbd). Of this volume, 57% is produced locally (on the continent) while 43% is imported. When Dangote is fully onstream, the percentage of Africa’s products import shall drop to 36%. This is even as the total volume of products demand rises to 5.4 mbd. You can therefore see the huge impact that Dangote refinery shall be making to overall products supply in Africa. Dangote shall be supplying over 12% of Africa’s products demand.

“That is huge savings for a continent that has scarce foreign exchange and little to export. We shall save from buying abroad and from shipping and insurance costs. Furthermore, the success of Dangote could incentivise the rise of similar projects, the noise about energy transition notwithstanding,” oil analyst noted. 

Ibrahim also hailed Dangote’s decision to go ahead with the construction of crude oil refinery despite a campaign against fossil fuels, adding that the demand for fossil fuel is going to continue for several decades to come.

“We believe that Dangote made a very wise decision to proceed with the project, despite the campaign against fossil fuels. There will be demand for petroleum products for many decades to come. Indeed, we see petroleum products prices rising steadily in the next few years for at least two decades.

“This is because new refineries are not coming up in Europe and North America, where Africa imports 34% of its supplies, because their governments have embraced energy transition, some willingly, others due to pressure. So, some of the sources of Africa’s imports are going to dry up. At the same time, Africa will not be in a position to fast track the development of non-fossil fuels.

“In fact, even the developed countries will not be able to move as fast as is projected. We see Africa and many regions of the world continuing to rely on fossil fuel energy at a time when deliberate decisions are being made to stop funding fossil fuel projects. The world risks abandoning fossil for renewable, but in the end not getting the renewables, and at the same time losing the fossils due to deliberate neglect”, he explained.

Ibrahim urged African refiners to invest more on technology and develop the right expertise to manage their refineries, which are going to serve the continent as western refiners halt the establishment of more refineries.

He stated, “African refiners have no cause to worry about their investments. All they need to do is to ensure that they have developed the right expertise to manage their refineries, get honest managers and staff to run their business and come together to join APPO’s initiative to establish foundries and other equipment manufacturing plants to service their refineries. Once they have these, the market is there for their products.

“For the next three decades or more, Africa shall continue to use fossil fuel-driven vehicles and with its population projected to double within that period, there will be a huge market for petroleum products. Africa cannot rapidly transit into electric vehicles, as the bulk of the vehicles on our roads today and in the next 20-30 years are going to be non-electric. There is the market, and we should not be discouraged from thinking positively”, the APPO scribe noted.

He disclosed that APPO is working with its Member Countries to construct cross border energy infrastructure like pipelines for crude and products as well as for oil and gas terminals, depots etc.

“Once we have this infrastructure on the ground, the markets for African refiners shall not be limited to their home countries. Fortuitously, the African Continental Free Trade Agreement, which came into force in 2021, is there to support this initiative”, he added.

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Likewise, Financial Derivatives Company Limited, a financial institution, in its recent Economic Report for 2022, expressed a firm belief that Dangote Refinery would boost the growth of the downstream sector of the economy and enhance petroleum products distribution across Africa.

The Managing Director/CEO of Financial Derivatives Company, Bismarck Rewane, however, warned that the refinery, when operational, would not be a final solution to Nigeria’s economic crises. “The coming on stream of Dangote Refinery will no doubt enhance product distribution across Africa. Will Dangote refinery solve Nigeria’s problem? The answer is no. But the company is going to make Nigeria an exporter of refined petroleum products,” he added.

In a Nigeria Economic Outlook for 2022 released by the CPPE, its Chief Executive Officer, Dr. Muda Yusuf said activation of the Petroleum Industry Act (PIA) in 2022 is expected to impact positively on the economic outlook.

“We expect to see positive outcomes as investor sentiments in the oil and gas sector improve on account of the reforms anchored on the PIA. This will however depend on the political will deployed to drive the implementation of the provisions of the Act. It is also expected that the coming on stream of the Dangote refinery in 2022 will also impact positively on the downstream sector of the economy”, he added.

He said the average oil price in 2022 is expected to exceed the budgeted benchmark of sixty-two dollars ($62) per barrel, offering some fiscal headroom. This, he noted, would be powered by higher energy demand driven by the recovery of economic activities globally.

“This trajectory is expected to impact on our foreign reserve and strengthen the capacity of the Central Bank of Nigeria (CBN) to support the foreign exchange market”, Yusuf said. He, however, added that if the Dangote refinery comes on stream in 2022, the fiscal pressure on the economy may abate, but not completely eliminated.

According to the economist, because the service sector is less vulnerable to the structural constraints of the economy, especially the real sector of the economy, it will continue to outpace the real sector in 2022.

He said, “The service sector of the Nigerian economy will continue to outpace the real sector in 2022. In the third quarter of 2021, service sector contribution to GDP was 50 percent and the growth of the sector was 8.41 per cent. The oil sector contribution to GDP was 7.5 percent while the non-oil sector contribution was 92.5 per cent. While the industrial sector growth contracted by 1.63 percent, agriculture grew by 1.2 percent.”

Yusuf said the Gross Domestic Product (GDP) growth would remain fragile at about three percent, pointing out that the key expected drivers of growth would be sustained recovery of global oil price.

He said, “We expect that the average oil price in 2022 will exceed the budgeted benchmark of $62 per barrel, offering some fiscal headroom. This would be powered by higher energy demand driven by the recovery of economic activities globally.”

The economist noted that despite the downside risks, the economy would continue to present huge opportunities for investors across all sectors. “This is on account of the resourcefulness of the Nigerian people, especially the entrepreneurs. Other inherent strengths of the Nigerian economy include the market size, the population, and the demographic characteristics”, he added.

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Mr Devakumar  Edwin,  Executive Director, Strategy, Capital Projects, and Portfolio Development, Dangote Group presented the scholarships to the beneficiaries on Monday. The scholarships were presented to 19 tertiary institution students and 118 secondary school students from 15 communities in Ibeju Lekki. Edwin said the Dangote Group believes that education was the passport to the future and that an investment in knowledge yields the greatest dividends for mankind.

He said the company had over the years supported the Nigerian educational sector by instituting scholarship award programmes.

According to him, this is part of the company’s education intervention initiative for indigenous students of host communities impacted by its businesses.

He said: “In 2019, we executed a pilot of the scholarship programme where 51 secondary school students from our 15 host communities here in Ibeju Lekki were awarded.

“However, as 2019 came to a close, COVID -19 hit the global community, leaving its indelible mark not only on businesses but on every household. “As a result, we could not institute the second edition of the scholarship programme in the year 2020.

“As the curtain closes on 2021, we cannot but acknowledge the efforts that our scholars have put into their academic studies, to obtain such excellent results which qualifies them as beneficiaries of this award.

“Hence, after a rigorous screening process, 118 secondary school students and 19 tertiary institution students from our host communities have qualified for this scholarship award.”

While congratulating the beneficiaries, he enjoined them to continue to work hard at their studies, strive to achieve excellence in all that they do and never stop giving their best.

“With the continuous support of the people and the Lagos State Government, we shall not relent in our efforts to be socially accountable while we positively impact our host communities.

“We look forward to a continuous peaceful and rewarding relationship with our host communities in Ibeju Lekki,” Edwin said.

On his part, Oba Olumuyiwa Ogunbekun, the Oni-Lekki of Lekki commended Dangote Oil Refining Company for initiating the scholarship award for indigenes of the area.

Ogunbekun noted that the move showed that the company was determined to carry along the host communities and to contribute significantly to the socio-economic development of the locality.

He urged the beneficiaries to study hard and focus on their education in order to better their lives and become worthy ambassadors of Ibeju Lekki in the future.

One of the beneficiaries, Master Qudus Sodiq, a Senior Secondary School Student from Community Senior High School, Lekki, thanked the Dangote Group for the scholarship.

“I am very happy with this scholarship. It will help me to accomplish my educational aspiration and pursue my dreams in the future,” he said

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