2027: My government will support Dangote refinery and others to capture global market – Gbenga Hashim

The Accord’s presidential candidate, Dr. Gbenga Hashim, said that under his party’s administration, Nigerian refineries would have access to Nigerian crude at a strategic domestic price, giving them the cost advantage to compete aggressively in sub-regional markets and transform Nigeria into a global energy powerhouse.

Hashim also promised to provide cheaper petrol to Nigerians.

The presidential candidate made the statement at the weekend, in Ilorin, Kwara State, during Diaspora Dialogue, when he spoke on “2027 Fuel and Policy Subsidy”; led by Prof. Farooq Kperogi, Prof. Moses Ochonu and Dr. Osmund Agbo.

Hashim spoke against a backdrop of rising oil prices and growing pressure on global energy markets.

He said Nigeria’s biggest economic mistake was to treat crude oil primarily as an export commodity instead of using it as the foundation of national industrial might.

“Nigeria has spent decades giving the world our crude oil and recapturing the value created by it. Our energy policy will reverse this equation.

“Our crude oil is our strategic advantage. We will put this advantage to support Nigerian industry. The refining and petrochemical industries are a key part of our immediate industrialization strategy as we aim to become the most reliable source of energy in the world.”

Hashim also added that the Dangote refinery and other qualifying Nigerian refineries could access Nigerian crude based on a strategic domestic pricing framework rather than simply being treated as foreign buyers competing for an internationally traded commodity.

“If the crude oil is Nigerian and the refinery is Nigerian, the Nigerian economy must benefit.

“Our refineries will purchase Nigerian crude at a strategic local price, not an international economic price, so we can produce competitively, expand aggressively and capture international markets, starting with the African region first.”

Hashim stressed that the policy will not be designed to benefit any single company.

“This is not a Dangote subsidy, it is a Nigerian industrial strategy.

“Dangote will benefit because he has invested on an extraordinary scale. Other existing refineries will benefit. New refineries will benefit. Any Nigerian refinery that meets the required efficiency, transparency and performance standards will have access to the same framework.

“We are not creating a protected champion. We will create an army of Nigerian energy champions.”

Hashim said an Accord Party government would also use direct public investment and strategic joint ventures to expand Nigeria’s domestic refining capacity by a further million barrels per day within three years.

He said the goal is not simply to produce more oil, but to establish Nigeria as Africa’s leading refining and petrochemical hub.

“We want to be Africa’s petrochemical and refining hub, not just a major exporter of crude oil.

“We will use public investment strategically and deploy joint ventures where necessary to expand refining capacity, deepen petrochemical production and ensure that Nigerian crude creates value in Nigeria before being exported,” he said.

According to Hashim, Nigeria must move beyond the ambition of simply becoming self-sufficient in refined petroleum products, to become a country whose energy companies compete and win globally.

Hashim also doubled his proposed petrol price of ₦605 per liter under the broader Energy First philosophy, adding that Nigeria should reduce energy costs by reducing the underlying cost of production and expanding production capacity rather than permanently subsidizing consumption.

“₦605 is not our destination, but rather the starting point in the transition from subsidizing consumption to developing production capacity.

He said the long-term goal is to push petrol prices down towards ₦200–₦300 per liter as crude production increases, domestic refining expands, efficiency improves and logistics costs fall.

He said an energy-led government should, therefore, build an integrated energy industrial ecosystem around Nigerian crude and gas, supported by pipelines, ports, storage, electricity, transportation, security and predictable regulation.

Hashim said the emergence of the Dangote refinery demonstrated that Nigerian capital could operate on a global scale.

Hashim said Energy First’s ultimate goal is to change Nigeria’s position in the global energy economy.