Obasanjo: Why Fuel Importers Will Frustrate Dangote

Former President Olusegun Obasanjo has expressed concerns that fuel importers may attempt to frustrate Aliko Dangote's efforts in the oil sector. This comes as Dangote’s refinery, set to be one of the largest in the world, nears completion.

Competitive Threat

Obasanjo highlighted that Dangote’s refinery poses a significant threat to the profits of existing fuel importers. With the capability to produce 650,000 barrels per day, the refinery could drastically reduce Nigeria’s dependence on imported fuel, which has long been a lucrative market for importers.

Economic Impact

Dangote’s refinery is expected to transform Nigeria's oil industry, boosting local production and potentially lowering fuel prices. This development could diminish the market share and profitability of current importers, leading to resistance and potential efforts to undermine Dangote’s venture.

Obasanjo's Insight

According to Obasanjo, importers might resort to various tactics to protect their interests, including lobbying against policies that favor local production or spreading misinformation about the refinery’s operations. He emphasized the need for government support to ensure that Dangote’s refinery operates without undue hindrance.

Conclusion

The completion of Dangote’s refinery marks a critical juncture for Nigeria's oil sector. However, as Obasanjo warns, the path to operational success may be fraught with challenges from entrenched fuel importers determined to safeguard their market dominance.

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