The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said that the Federal Government will fully support Dangote Refinery in achieving its 1.4 million barrels-per-day refined products target. He recently described the refinery’s expansion plan as a major milestone for Africa’s energy independence.
Speaking in Lagos during his welcome address at the 19th Africa Downstream Energy Week, Lokpobiri declared that the plan is a validation of the government’s policy direction under President Bola Ahmed Tinubu.
According to him, the refinery’s expansion plan will not only save Nigeria and West Africa, but it’ll rescue the entire continent and make an impact all over the world.
He stated that Aliko Dangote’s latest dream would be achieved with the help of the Federal Government.
“I received the good news that the Dangote Refinery is expanding its capacity to 1.4 million barrels per day.
That will not just save Nigeria or West Africa, it will save Africa and, indeed, make an impact globally.
The Federal Government will support him all the way to accomplishing that goal,” he said.
The minister further explained that the removal of the fuel subsidy and the liberalisation of the downstream petroleum sector were vital policy decisions aimed at creating a viable environment for private-sector investment.
Lokpobiri concluded by saying that while some Nigerians initially misunderstood the policy, it is now glaring that it triggered a more stable and competitive petroleum products market.
“The main reason President Tinubu announced the removal of fuel subsidy on his first day in office was that, with subsidies, the private sector could not grow.
The downstream can only thrive when the right business environment allows private capital to flow in, invest, and maximise opportunities.
With deregulation and liberalisation, there is now healthy competition. Prices are stable, availability has improved, and products are more accessible and affordable despite challenges.
The world has realised that energy transition cannot happen in a vacuum.
Even as we pursue cleaner sources, the global economy still depends on oil and gas.
Without substantial investment in these resources, there will be no financial capacity to fund the energy mix we all desire.
Africa, with a population exceeding 1.4 billion people, cannot afford to ignore investment in oil and gas.
Expanding exploration, production, and refining capacity is crucial not only for self-sufficiency but also for the continent’s economic stability.
Subsidy was not sustainable; it discouraged private investment and placed a heavy burden on government finances.
What we are seeing today is a more competitive environment that promotes efficiency and private participation.
It takes a courageous leader to make decisions that may be unpopular today but are necessary for the country’s future.
We are no longer just talking about transition; we are building an energy mix that guarantees security for Africa.
Every stakeholder must align with this vision to create the Africa we want,” he added.
