Dangote refinery not enough for African market – FG
The Federal Government states Dangote refinery alone can’t meet Africa’s fuel needs, urging more investment in Nigeria’s refining sector to become a contin Read More: https://punchng.com/dangote-refinery-not-enough-for-african-market-fg/
The Federal Government has emphasized that the Dangote Petroleum Refinery alone is insufficient to meet Africa's increasing demand for refined petroleum products. At the second West Africa Refined Fuel Market Conference in Abuja, Nigeria's Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, urged local and international investors to increase investments in Nigeria's refining, midstream, and downstream sectors.
Lokpobiri highlighted that while the Dangote refinery has demonstrated the potential of private-sector investment, its maximum capacity of 1.4 million barrels per day would still not suffice to cater to the entire African continent. The minister called for additional investments to transform Nigeria into a major refined petroleum products hub for the entire continent, moving beyond merely supplying the West African market.
He stressed the importance of developing a sustainable pricing mechanism to encourage investment while allowing market forces to determine petroleum product prices, and emphasized the need for Nigeria to develop the necessary infrastructure, regulatory framework, and pricing system to become a significant energy hub for Africa.
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