Former President Olusegun Obasanjo has voiced concerns over the challenges faced by the $20 billion Dangote Petroleum Refinery, attributing these difficulties to vested interests within Nigeria's oil and gas sector.
In a recent interview, Obasanjo highlighted that those benefiting from the lucrative business of fuel importation are actively working to undermine the refinery's operations.
Obasanjo stated, "If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated."
This sentiment echoes the allegations made by Alhaji Aliko Dangote, President of the Dangote Group, who has accused certain 'mafias' of attempting to sabotage the refinery.
The refinery, which began production in January 2024, has faced massive hurdles in securing crude oil supplies.
Despite directives from President Bola Tinubu for the Nigerian National Petroleum Company Limited (NNPC) to sell crude to local refineries in naira, the Dangote refinery and other domestic refineries have yet to receive any crude under this arrangement.
The Crude Oil Refiners Association of Nigeria has confirmed that letters requesting crude have been sent to NNPC, but no responses have been received.
Obasanjo further criticized the International Oil Companies (IOCs) for their reluctance to supply crude to the Dangote refinery, often demanding premiums of up to $6 per barrel above market price.
He recalled his own experiences as President, when he invited Shell to take equity participation and manage Nigeria's refineries, only to be rebuffed due to concerns over corruption and poor maintenance.
The former President also condemned the approach taken by the current administration in removing fuel subsidies without considering the resultant hardships on the populace.
He emphasized the need for a transformational economy that fosters investor confidence and addresses youth unemployment, warning, "Our youth are restive. And they are restive because they have no skill. They have no empowerment. They have no employment. We are all sitting on a keg of gunpowder."
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