Dangote Refinery Will End Fuel Shortage – Abiodun

Ogun State Governor, Dapo Abiodun, has said the start of fuel production by the Dangote Oil Refinery will strengthen the national economy by eliminating the ongoing fuel shortage and conserving foreign exchange.

Gasoline produced by the refinery, which has a capacity of 650,000 barrels per day, is expected to reach service stations within the next 48 hours as it formalizes the arrangements with the Nigerian National Petroleum Company Limited.

Abiodun, in a statement signed on Tuesday by his press secretary Lekan Adeniran, said that with the commissioning of the refinery, the problem of the country’s dependence on fuel imports, which has posed significant difficulties for over three decades, would be solved.

According to the governor, with the Warri and Port Harcourt refineries ready to start production, Nigerians will breathe a sigh of relief from the ongoing fuel shortage, while the economy will also benefit.

Abiodun commended Dangote for his determination to complete multi-billion dollar projects against all odds.

The governor also commended President Bola Tinubu for his intervention in ensuring the commissioning of the refinery during his administration.

He appreciated the President’s commitment to reviving other refineries in the country, which would drastically reduce fuel prices when they all come on stream.

“This important achievement marks a transformative milestone not only for you as an entrepreneur, but also for Nigeria and the African continent more broadly. The establishment of this refinery represents a fundamental shift in the region’s energy landscape, demonstrating the power of vision, resilience and unwavering commitment to economic development.

“Dangote Refinery is poised to be a game-changer in gasoline production, addressing one of Nigeria’s most pressing challenges: dependence on imported fuel. This dependence has not only strained our foreign exchange reserves but has also hampered our potential for self-sufficiency.

“By producing gasoline locally, the refinery will drastically reduce foreign exchange outflow, thereby strengthening our economy. This move aligns perfectly with the efforts of the President Bola Tinubu-led administration to achieve economic diversification and reduce dependence on oil exports alone,” Abiodun noted.

He added that the economic impact of the refinery extended beyond fuel production, as it would create thousands of jobs, both directly and indirectly, thereby helping to reduce unemployment rates.

“In addition to boosting 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 gasoline, the country will be better equipped to meet its energy needs, reducing volatility associated with fuel shortages and price fluctuations.

“This stability will inevitably create a more favorable environment for businesses and attract foreign investment, further stimulating economic growth,” the governor noted.