Peter Obi: Dangote Refinery ‘ll Benefit Nigeria’s Economy

Chuks Okocha in Abuja

The presidential candidate of the Labour Party (LP) in the 2023 election, Peter Obi, has said the Dangote Refinery will be beneficial to Nigeria’s troubled economy.

In a string of posts on X (formerly Twitter), Obi, a former governor of Anambra State, congratulated Ákíkó Dangote on the feat which he described as a “major milestone in the Nigerian energy sector”.

The refinery located in Lagos recently received its first 1 million barrels of Agbami crude grade, which represents the first phase of the 6 million barrels to be supplied to the refinery by several suppliers.

“Having earlier witnessed the commissioning of the dangote refinery and petrochemicals as the world’s largest single train petroleum refinery, I do believe it will be very beneficial to Nigeria’s troubled economy.”

“When it operates maximally, the refinery will boast a capacity of 650,000 barrels of crude oil per day and is expected to meet Nigeria’s domestic demand for petroleum products and help Nigeria save the much-needed foreign exchange currently spent on the importation of such products.

“It’s expected that by meeting our domestic demand and supplying the surplus to the international markets, Nigeria will take its place as a key player in the downstream petroleum sector of the global market,” he said.

The former governor of Anambra state said that the private sector will play a crucial role in the struggle to move the nation from consumption to production.

“This will help to create jobs, help in generating the much-needed foreign exchange, and encourage the growth of other small-scale businesses in the industry,” he added.