By Emmanuella Anokam
The Nigeria Extractive Industries Transparency Initiative (NEITI) said on Thursday that the multibillion dollars Dangote Refinery inaugurated by President Muhammadu Buhari, in Lagos would go a long way in solving the country’s perennial fuel problem.
The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji in a statement issued in Abuja by Mrs Obiageli Onuorah, Deputy Director/Head Communications & Stakeholders Management, NEITI, described the development as a huge national relief.
“We welcome with high expectations the completion and commissioning of the multibillion dollars Dangote Refinery by President Muhammadu Buhari, in Lagos,” Orji was quoted as saying.
He stated that NEITI as a member of the global Extractive Industries Transparency Initiative with domestic responsibility to enthrone transparency and accountability in the oil, gas and mining sectors, was delighted that the refinery came on stream during debates on the removal of fuel subsidy.
Orji said apart from the huge revenue losses, NEITI’s independent report on subsidy payments between 2005 to 2021 disclosed over N13.7 trillion naira as having been expended on subsidies, capital flight and other numerous challenges over fuel importation.
“The take-off of Dangote Refinery with 650,000 barrels daily refining capacity will largely address Nigeria’s domestic demands for refined petroleum products within the short and medium term.
“NEITI salutes the determination, courage and the huge confidence demonstrated by Alhaji Dangote in the huge investments in the downstream sector which will address the issues of product availability, job opportunities and value creation.
“The Executive Secretary projects that the commissioning of the Dangote refinery will end fuel importation in Nigeria and subsequently save the nation the over $7.3Billion projected to be spent on fuel subsidy in the first half of the year 2023,” he said.
The NEITI boss said that the organisation expected the Dangote refinery to fully comply with the principles of the Extractive Industries Transparency Initiative (EITI) which the country is a signatory.
“As a major player in the oil and gas industry, NEITI will soon commence engagements with the Dangote Refinery on the specific issues around the 20 per cent equity interest that the NNPC has taken in the refinery on behalf of the Federation.”
He urged the conglomerate to distance itself from a monopolistic business model and embrace corporate social responsibility, openness and accountability which allows for civic engagement and free enterprise.
(NAN)