Tinubu applauded on sale of crude oil to Dangote Refinery in Naira

President Bola Ahmed Tinubu has been applauded for the directive that crude oil be sold to the Dangote Refinery in Naira.

The Nigeria Youth Advocacy for Good Governance Initiative (NYAGGI) which bared its mind on the issue called on President Tinubu to ensure the implementation of the Petroleum Industry Act (PIA).

NYAGGI led by Comrade Ambassador Shuaibu Abdulkadir in a statement on Thursday argued that it is in the best interests of the country that Dangote and other local refineries are protected.

The group argued that Dangote Refinery’s success will not only propel Nigeria towards economic self-reliance but will also establish the country as a key player in the global petroleum industry.

It contended that it is a glaring paradox that after investing over USD 20 billion, Dangote refinery is forced to import crude oil while the international oil companies (IOCs), in collaboration with certain regulatory bodies, have created a market structure that favors exporting our crude and importing refined products.

The group stressed that the leadership of the IOCs, the Nigerian National Petroleum Company Limited (NNPCL), and the NMDPRA must be held accountable for any acts of sabotage.

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“It is crucial to ensure the success of indigenous initiatives like the Dangote Refinery, which are vital to our nation’s economic sovereignty and sustainable development,” it noted.

“Nigeria must firmly reject the exploitative practice of being a dumping ground for substandard and harmful products. The current model—where IOCs extract raw materials from Nigeria, generate wealth and employment abroad, and then flood our markets with overpriced refined products—is unsustainable and detrimental to our national development.

“The operational success of the Dangote Refinery, evidenced by a reduction in diesel prices, underscores its potential to lower the cost of petroleum products nationwide. This potential benefit is precisely what certain foreign interests seek to undermine, preferring a dysfunctional Nigerian refining sector to maintain their exploitative practices.

“The Dangote Refinery was conceived and built to change the narrative in Nigeria’s industrial sector, particularly in oil refining. It stands as a clear statement that we have the capacity and the will to control our resources and dictate the terms of our economic future. We must not let this opportunity slip through our fingers due to the actions of a few who prioritize profit over national interest.”

The group thereby demanded a thorough investigation into the operations of the NNPCL to ascertain the true state of our oil production capacity.

Calling for the immediate suspension of Mele Kolo Kyari to facilitate an investigation into all acts of sabotage within the oil sector, the group stressed the need for a comprehensive probe into the importation of substandard products to prevent future occurrences.

It also called on the authorities to mandate that all raw materials extracted in Nigeria must be refined within our borders to maximize job creation and economic benefits.