Now that the billion-dollar project of the richest Black man in the world is operational, the enigma that is Nigeria’s oil sector may soon be past.
Expectations are sky-high that the oil-rich country is about to end its ongoing episodes of petrol scarcity, price spikes, and a crippling subsidy system, thanks to Dangote Petroleum Refinery and Petrochemical.
President Muhammadu Buhari addressed the crowd at the groundbreaking ceremony for the enormous 2,635-hectare project and hailed the development of the Dangote Petrochemical Refinery and Petrochemicals in Lagos State as a turning point and milestone for the Nigerian economy.
Buhari claims that the complex at Ibeju-Lekki, Lagos State, the largest single-train facility in the world and can process 650,000 barrels of oil per day, will allow the nation to become self-sufficient in refined goods and have a surplus for export.
He added that this event is a significant turning point for our economy and the downstream petroleum product market, not just in Nigeria but throughout the whole African continent.
The President continued by pointing out that numerous external crises, such as the global financial crisis, the collapse of oil prices, the coronavirus pandemic, and long-running insurgency, had also had a significant negative impact on the country’s economy, which had already been under considerable strain for many decades.
The effects of these problems put heavy pressure on our economy and make it difficult for the government to build essential infrastructure without taking on a lot of debt.
He asserted that the government must focus on fostering an atmosphere that would allow the private sector to flourish and close the large investment deficit in all crucial industries and infrastructure.