PETROLEUM SUPPLY:
SITUATION ROOM COMMENDS DANGOTE OVER COMMENCEMENT OF PMS PRODUCTION
The Situation Room on Energy Sustainability, a coalition of civil society organizations, has commended the President of Dangote Group, Alhaji Aliko Dangote, on the resumption of Premium Motor Spirit (PMS) production in Nigeria for the first time in almost three decades.
In a statement signed by Dr. Ikenna Nnaji, the group described the milestone achievement as a testament to Dangote’s visionary leadership and commitment to Nigeria’s economic growth and development.
The Dangote refinery, with a capacity to produce 650,000 barrels per day, is expected to significantly reduce fuel scarcity, leading to lower prices and increased economic activity, which will improve livelihoods, reduce hunger, and save lives.
The group noted that “Nigerians have suffered from perennial fuel scarcity, skyrocketing prices, hunger, and even death due to the inability of the country’s refineries to produce, resulting in untold hardships and economic losses”.
However, with the commencement of PMS production at the Dangote refinery, Nnaji expects a significant reduction in fuel scarcity, leading to improved livelihoods, reduced poverty, and increased access to healthcare and education.
“Additionally, this development will save Nigeria billions of dollars in foreign exchange, enhance the local availability of critical fuel for businesses and households, impact billions of dollars of trade in fuel markets regionally and beyond, position Nigeria as a leader in energy production and sustainability in Africa, and encourage private sector investment in the energy sector.”
The group commended Dangote for his perseverance and dedication to making Nigeria self-sufficient in petroleum production, despite numerous challenges faced during the refinery’s development.
Nnaji also applauds the Federal Government for providing an enabling environment for private sector investment in the energy sector, particularly the crude-for-Naira initiative.
The group, however, urged other private sector players to emulate Dangote’s example and invest in Nigeria’s energy sector to achieve energy sustainability and prosperity.
