Ogun State Governor, Dapo Abiodun, has said the commencement of fuel production by the Dangote oil refinery will strengthen the nation’s economy by eliminating constant fuel shortages and conserving foreign exchange.
Petrol produced from the 650,000 barrels per day refinery is expected to hit filling stations in the next 48 hours as modalities with the Nigerian National Petroleum Company Limited are being formalised.
Abiodun, in a statement signed by his Chief Press Secretary Lekan Adeniran on Tuesday, stated that with the refinery coming on stream, the challenge of the country’s reliance on fuel importation, which had posed significant challenges for more than three decades, would be solved.
According to the governor, with the Warri and Port Harcourt refineries also being prepared to begin production, Nigerians will heave a sigh of relief from constant fuel scarcity, while the economy will also receive a boost.
Abiodun commended Dangote for his determination to see through the multi-billion-dollar projects against all odds.
The governor also commended President Bola Tinubu for his intervention in ensuring that the refinery comes on stream during his administration.
He appreciated the President’s commitment to the revitalisation of other refineries in the country, which would drastically reduce fuel prices when all of them start production.
“This significant achievement marks a transformative milestone not only for you as an entrepreneur but also for Nigeria and the broader African continent. 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.
“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. This dependency has not only strained our foreign exchange reserves but has also hindered our potential for self-sufficiency.
“By producing petrol locally, the refinery will drastically reduce the outflow of foreign currency, thereby strengthening our economy. This move aligns perfectly with the President Bola Tinubu-led administration’s efforts to achieve economic diversification and reduce reliance on oil exports alone,” Abiodun remarked.
He added that the economic impact of the refinery extended beyond fuel production as it would thousands of jobs, both directly and indirectly, thus contributing to the reduction of unemployment rates.
“In addition to bolstering local employment and economic activity, the refinery’s operations are expected to enhance energy security in Nigeria. With the capacity to produce a substantial volume of petrol, the country will be better equipped to meet its energy needs, reducing the volatility associated with fuel shortages and price fluctuations.
“This stability will inevitably create a more favourable environment for businesses and attract foreign investments, further boosting economic growth,” the governor noted.
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