Former President Olusegun Obasanjo has asserted that beneficiaries of Nigeria’s fuel importation business will attempt to undermine the Dangote Petroleum Refinery. Obasanjo’s remarks follow claims by Aliko Dangote that certain ‘mafias’ are obstructing the $20 billion refinery project.
Speaking with the Financial Times, Obasanjo emphasized that the refinery should inspire investment in Nigeria but warned that those profiting from fuel imports will likely resist losing their lucrative market. He noted that Dangote’s refinery has faced challenges, including international oil companies (IOCs) refusing to sell crude or doing so at inflated prices.
Obasanjo also criticized the government’s focus on oil, neglecting gas and agriculture, and highlighted the persistent corruption in Nigeria’s refinery sector, which has deterred major companies like Shell from participating. Furthermore, he questioned President Bola Tinubu’s approach to fuel subsidy removal, stressing the need for careful consideration of its economic impact on citizens.
Amid these issues, it was revealed that the Dangote refinery and other local refineries have not yet begun purchasing crude oil in naira from the Nigerian National Petroleum Company Limited (NNPC), despite a recent directive from President Tinubu aimed at reducing fuel costs and strengthening the naira. The Crude Oil Refiners Association of Nigeria has called for an executive order to enforce this new policy.
