Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), didn’t hold back when he slammed the Nigerian National Petroleum Company Limited (NNPCL) for its underwhelming attitude towards the much-anticipated Dangote Refinery. Yusuf expressed his frustration during an interview on Channels Television’s Business Morning, making it clear that the NNPCL’s indifference to what should be a groundbreaking achievement for Nigeria is both baffling and concerning.
The Dangote Refinery is no small feat, it’s the kind of project that should have NNPC officials jumping for joy. But instead, what do we get? Silence. A cold shoulder. No fanfare, no excitement, no nothing. It’s almost as if they couldn’t care less. Yusuf, echoing the thoughts of many Nigerians, called this out for what it is, a troubling sign for the Nigerian economy.
“The NNPC is not showing enough excitement about this Dangote Refinery, and it’s very strange,” Yusuf bluntly stated. Well, strange is putting it mildly. It’s downright suspicious, especially when you consider the refinery’s potential to transform Nigeria’s oil and gas sector.
For a company like NNPCL, which should be spearheading local oil initiatives, this apathetic response raises some serious questions.
Yusuf’s frustration didn’t stop there. He pointed out the absurdity of NNPCL’s decision to continue importing fuel, even after Dangote Refinery announced its readiness to start production. “What I do know from Dangote’s announcement is that they’re ready. So why has NNPC gone back to importing fuel? Something is not adding up,” he said. And he’s right, nothing adds up. At a time when Nigeria should be reducing its reliance on imported fuel and cutting down on foreign exchange pressure, the NNPCL seems to be playing an entirely different game.
Yusuf hinted at the possibility of selfish interests at play. He suggested that certain individuals or groups might be backtracking on the refinery’s progress to protect their own profits. “Perhaps it could be issues of self-interest. This cannot be in the interest of the Nigerian economy,” he warned. Sabotage? Corruption? Who knows. But one thing is clear, this isn’t about what’s best for the country.
Yusuf went further, calling for the localisation of oil and gas transactions as a way to stabilize the economy. He argued that if Nigeria could focus on producing and supplying its own fuel, it would ease the pressure on foreign exchange, create jobs, and increase transparency in the fuel importation process. With the Dangote Refinery in place, this seems like a no-brainer. But with NNPCL dragging its feet, you have to wonder whose interests are really being served.
“We need to localise fuel importation. Luckily, we now have the Dangote Refinery. It’s a great opportunity to localise all transactions related to fuel supply. That will increase the transparency and integrity of the process, strengthen our reserves, and moderate the pressure on the exchange rate,” Yusuf added. Simple solution, right? So why isn’t NNPCL on board?
It seems the matter is too big to leave in the hands of the NNPCL alone. Yusuf called on higher authorities to step in and address the glaring issues. “I think higher authorities need to weigh in on this because the way it is, I’m not sure we can leave this big issue only to the NNPCL,” he concluded.
