In case you do not know, there are many benefits that Nigeria stands to derive from Dangote refinery.
This was the line of discussion on iBrand TV’s iBrand DayBreak this morning as expectations from the Dangote refinery were critically examined by a Lagos based legal practitioner, Bayo Osikomaiya.
According to him, “petrol has been the major driver of this country’s economy for the last 20 years yet in all that time our 4 refineries have been moribund.”
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“Nigeria is dependent on the activities of other countries to run her economy”
Osikomaiya, talked about the many benefits that Nigeria as a country stands to derive from the Dangote refinery not minding whether the owner is monopolistic or not.
“I do not think that the prices of crude oil and fuel will be the same as the cost of the importation fuel that we have always had to deal with.
He opines that “this will help us have a critical review and understand the dynamics behind subsidy that is running the nation crazy currently”
“So let’s just focus on the positive gains”
Furthermore, Osikomaiya asked have you ever wondered what it costs us to export crude oil and the cost of importing the refined product, the theft that goes on, the non accountability.
Have you also sat down think about the fact that the amount of barrels of crude oil we say we produce a day is not actually what we produce?
Also he mentioned that a lot of people go into bunkering because they are sure that once they manage to get the crude out of the shores on Nigeria buyers are already waiting to refine the product.
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Positive Impacts of Dangote refinery
Osikomaiya said
- About 47,000 people are set to get meaningful employment through this venture
- Nigeria stands to generate revenue in form of tax from the refinery.
- Will there be monopoly, yes, but it is something we must find a way to break
- It will help the country generate and balance it’s foreign reserve
- Ease of access to fuel for Nigeria
- Reduced scarcity of fuel for Nigerians who need fuel to run their generators and businesses.