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The Dangote Refinery, on Tuesday, September 3, made history as it became the first private indigenous oil firm to refine oil legally in Nigeria for the first in more than two decades.
Speaking at the unveiling of samples of the refined petrol, Aliko Dangote, CEO of the Dangote Group, highlighted the refinery's impact on the Nigerian economy, particularly in stabilising the Naira.
"You know, now you remove 40% of the demand for dollars in the market, and that will actually stabilise the market," Dangote explained.
Otedola speak on Dangote Refinery's fuel production
These remarkable feats have been greeted with several reactions, as business mogul and billionaire Femi Otedola described them as freedom from 'economic slavery'.
"You have not just built a refinery; you have liberated us from the chains of economic dependence that have held this nation back for far too long," Otedola declared.
Otedola noted that this development signals the end of an era for the local oil cabals who have profited from Nigeria's reliance on imported fuel.
"You have dealt a death blow to the so-called local cabals who have fattened themselves for years, feeding off our nation's economic slavery," he stated.
NUPENG, coalition hails Dangote
Similarly, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) described Dangote's achievement as "a monumental step forward" for Nigeria's energy independence and economic growth.
"This remarkable achievement at the world's largest single-train petroleum refinery and petrochemical plant is a testament to your unwavering commitment, innovation, and excellence in the energy sector," NUPENG's General Secretary, Afolabi Olawale, stated.
Meanwhile, the Situation Room on Energy Sustainability described it as a testament to Dangote's visionary leadership and commitment to Nigeria's economic growth and development.
The group noted that Nigerians have suffered from perennial fuel scarcity, skyrocketing prices, hunger, and even death due to the inability of the country's refineries to produce, resulting in untold hardships and economic losses.
"...We expect a significant reduction in fuel scarcity, leading to lower prices and increased economic activity, which will, in turn, improve livelihoods, reduce hunger, and save lives," the group stated.
Marketers unhappy with Dangote
Contrastingly, independent petroleum marketers expressed concerns over Dangote's decision to sell its refined fuel exclusively to the NNPCL.
This development has sparked fears of a potential monopoly in the downstream sector.
Chinedu Ukadike, IPMAN's National Public Relations Officer, noted that while NNPCL's investment in the refinery might influence this decision, it raises significant concerns about market competition.
"The monopoly we've been warning about is resurfacing. NNPCL has long been the sole importer of petroleum products, and now it seems they'll be the sole off-taker of Dangote's fuel. This could stifle competition in the deregulated sector," Ukadike urged Dangote to consider independent marketers in its distribution plans.