Increased private sector enterprise, a competitive investment regime, a change in government policy, the removal of fuel subsidies, the implementation of calibrated fuel taxes, the reduction of interest rates to a single-digit regime, and careful monitoring to promote sustainable development were among the seven points.
The corporation pointed out that the government’s ability to supply the domestic demand for petroleum products is now limited by the lack of private investment and inadequate infrastructure in the country’s downstream.
It also pointed out that the country’s foreign exchange, which could have been used to carry out initiatives and programs, has been depleted as a result of the increasing importation of goods.
When its 650,000 barrels per day, bpd plant comes online, things will change permanently, according to Engr. B. Soyode, Technical Consultant for Dangote Industries Limited, who made this revelation while speaking at the Nigerian Content Midstream/Downstream Oil and Gas Summit in Lagos on the topic of “Dangote Refinery – Game Changer of the Downstream Industry.”
Dangote Petroleum Refinery was recently commended by the Nigerian Content Development and Monitoring Board (NCDMB) and the Society of Petroleum Engineers (SPE) for using top-notch technology in the refinery’s development.
According to the SPE and NCDMB, who recently toured the petroleum refinery project, the facility has the potential to revolutionize Nigeria’s domestic fuel output.
They added that the completion of the massive project would guarantee the future of Nigerian engineers and place them on level with those in the international oil and gas sector.
