Akinwunmi Adesina, President of the African Development Bank (AfDB), has called on petrol importers in Nigeria to invest in building refineries within the country to enhance competition with the Dangote Refinery.
Adesina’s remarks come amid Nigeria’s ongoing challenges with fuel imports and the desire for greater self-sufficiency in petroleum products.
In his address, Adesina emphasized that the establishment of local refineries would not only improve Nigeria’s refining capacity but also help reduce the nation’s reliance on imported fuel.
He argued that investing in refinery infrastructure is crucial for developing a competitive and resilient oil sector, which is vital for Nigeria’s economic growth and energy security.
The Dangote Refinery, which is set to be one of the largest in Africa, has been a significant player in the country’s petroleum sector, raising the bar for refinery standards and production capacity.
Adesina’s call to action reflects a broader strategy to foster competition and drive improvements in the industry, encouraging more players to enter the market and contribute to Nigeria’s energy self-reliance.
By urging petrol importers to build refineries, Adesina aims to stimulate economic development, create jobs, and enhance the overall efficiency of Nigeria’s petroleum sector.
This move is seen as a step toward reducing the economic impact of fuel imports and strengthening the local oil industry’s capabilities.