in

Dangote Refinery competing with importers not anti-competitive – AFDB president slams NMDPRA, NNPCL

The President of the African Development Bank, AFDB, Akinwunmi Adesina, has said Dangote Refinery’s petroleum products competing with importers are not anti-competitive.

The AFDB boss, who was a former Agriculture Minister in Nigeria, disclosed this in a statement shared on X, Tuesday by Nigerian billionaire and Chairman Geregu Power, Femi Otedola.

Adesina queried a statement by the Chief Executive Officer of NMDPRA, Farouk Ahmed, that Dangote Refinery is anti-competitive.

Competition is good for everyone. But are Dangote refineries anti-competitive? What is the evidence?

“Has Dangote refineries prevented any other company from setting up refineries? Why have others not done so? How come they have not done so for several decades? Was it Dangote that held them back?

“But Dangote refineries surely cannot be asked to ‘compete’ with importers of petroleum products.

“That is not competition. Let the importers set up local refineries and compete by refining in Nigeria. That is fair and justified competition,” he said.

He noted that Nigerian authorities must not undermine or kill local industries, talkless of Dangote Refinery, which he described as a jewel of industrialisation in Nigeria.

“We cannot and must not undermine, disparage or kill local industries, talk less of one that is of this scale — a jewel of industrialization in Nigeria.”

According to him, Nigeria must look beyond delivering cheap petrol products to the oil and gas market to domestic supply security, job creation, reducing foreign exchange expenses and shoring up the Naira.

“It is more than simply delivering the cheapest product to the market. It is about domestic supply security, driving (and yes, protecting) globally competitive industries, maximising forward and backward linkages in the local economy, job creation, reducing forex expenses and shoring up the Naira.”

DAIlLY POST recalled not until the Minister of Petroleum Resources (oil) Heineken Lokpobiri’s intervention on Monday, that the Chairman of Dangote Group, Aliko Dangote and the CEO of NMDPRA had been at loggerheads over the latter’s comment last week that petroleum products from Dangote Refinery were substandard.

Ahmed had said that the petroleum products of Dangote Refinery are inferior compared to imported ones.

Meanwhile, Dangote and his men dismissed Ahmed’s statement, noting that its products are of high quality.

However, the meeting among stakeholders, Dangote, Ahmed, Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Mele Kyari, CEO of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe and the Minister, Lokpobiri, might have provided a solution to the debacle.

In a statement by the minister’s media aide, Nneamaka Okafor said the meeting “marks a significant step towards resolving the challenges and underscores the minister’s dedication to fostering a conducive environment for Nigeria’s oil and gas sector.”

Dangote Refinery competing with importers not anti-competitive – AFDB president slams NMDPRA, NNPCL

BREAKING: Tinubu sends N70,000 minimum wage bill to NASS

Dangote refinery: Kyari replies Aliko on NNPLC owning blending plant in Malta