DANGOTE Refinery, an indigenous refining enterprise, has identified seven areas that might help Nigeria boost investment and stability in the downstream sector.
The seven points included increased private sector enterprise, a competitive investment regime, a shift in government policy, the elimination of fuel subsidies, the implementation of calibrated fuel taxation, the reduction of interest rates to a single digit regime, and diligent monitoring to achieve sustainable development.
According to the firm, the nation’s downstream is now constrained by a lack of private investment and poor infrastructure, preventing the government from supplying local demand for petroleum products.
It further stated that increasing product imports has resulted in a drain of foreign exchange that could have been used to carry out projects and programs.
The Technical Consultant, Dangote Industries Limited, Engr. B Soyode, who disclosed this while speaking on, “Dangote Refinery – Game Changer of the Downstream Industry” at the Nigerian Content Midstream/Downstream oil and Gas Summit in Lagos, said that the situation will change for good when its 650,000 barrels per day, bpd plant comes on stream.
Recently, the Society of Petroleum Engineers (SPE) and the Nigerian Content Development and Monitoring Board, NCDMB, had applauded Dangote Petroleum Refinery for its application of world-class technology in the construction of the refinery.
The SPE and NCDMB, which came on a tour of the petroleum refinery project recently, believed that the refining facility is capable of redefining Nigeria’s domestic fuel production.
They had also noted that completion of the gigantic project will secure the future of young engineers in Nigeria and put them at par with their counterparts in the global oil and gas industry.