The Chief Executive Officer of Major Oil Marketers Association of Nigeria (MOMAN), says Dangote refinery will contribute significantly to the growth of the economy through its own production and also from ancillary industries.
Mr Clement Isong expressed confidence in the refinery on Sunday in Lagos.
Isong expressed optimism that the facility will help reduce the cost of petrol, if the government deregulates the commodity.
He said: ” All Nigerians look forward to the future with hope and conviction that this refinery will contribute significantly to the growth of the economy through its own production and also from ancillary industries.
“The fertiliser plant will impact our agriculture, providing indirect opportunities for the West African sub-region.
“The high-quality petroleum products, which meet Afri 6 standards, are excellent for health and environmental protection,” he said.
Isong said that “more importantly, the size and location of the refinery will help manage price volatility, which is probably more important than the price itself.
” It will also help in optimising logistics costs.
According to him, “l have no doubts that such a massive undertaking would have properly planned for efficiency in product evacuation and optimisation.
“Competition, free markets, and private sector participation lead on its own to market efficiencies.
“Other refineries in the country will have to compete, and this is good for the consumer as well as the economy.
“Compete in price, compete in product quality, compete in customer service delivery,” Isong added.
Dangote Refinery, established by Africa’s richest man, Aliko Dangote, is scheduled to be inaugurated on May 22 by President Muhammadu Buhari.
Efforts by the Federal Government to make Nigeria self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products have received a boost as the 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery will come on stream.
