Sabotaging Dangote Refinery by Tinubu government dangerous to Nigerian economy

The point is that the Nigerian economy will suffer further with the treatment they are giving the Dangote Refinery.

It is not even about Dangote as a person now, but the country’s economy and investor confidence.

How can we explain that the same refinery that we were told would eliminate the need for Nigeria to import refined oil products is now facing difficulties in accessing crude oil, which Nigeria produces?

The worst demarketing I have seen lately by a government to its supposed brand was a government official from NMDPRA coming on TV to discredit Dangote Refinery’s product as inferior.

I have never seen a nation that is faced with a dangerously growing unemployment rate and mass exodus of foreign investors, without attracting new ones, yet choose to treat domestic investors like this.

I remember what my former colleague, Jide who also reside in UK, told me in July 2023, one month after Tinubu assumed office as President. He said: Tinubu will deal with Dangote, you know. Dangote went to see Tinubu and he was denied seeing him. He waited and could not see him…

I asked: Why would he deal with him?
He said: He did not give him money during the election, even when he asked for it. Just watch out. He will face consequences.

My former colleague Jide (not his real name) was a banker while in Nigeria and also supports Tinubu to this day. We are friends, but we also disagree on the presidential choice.

Hearing about what is happening with Dangote currently, my mind went back to what Jide told me last year.

Now, on the issue of monopoly phobia which NNPC said of, Dangote Refinery does not prevent any new refinery license holders from building their own or operating one. After all, many hold licenses to build refineries and NNPC refineries are not also been stopped by Dangote.

It is dangerous to see a nation where unemployment and underemployment rates are skyrocketing, not thinking about how to protect local investments and job creating platforms in this period.

NNPC is talking about competition with imported products, produced at low cost, against someone who is producing in a very difficult business environment.

Nations protect their strategic economic activities!

Killing the refinery will further destroy investors’ confidence in the Nigerian economy and further fuel unemployment.

If you treat domestic direct investors (DDI) like this, how can foreign direct investors (FDI) be convinced to risk their funding by investing in Nigeria?

Again, why should NNPC be both a player and a regulator, and one expect them not to sabotage their competitor?

How can you push a local refinery investor to spend money sourcing crude oil abroad to feed their refinery in a country that exports crude oil like Nigeria?

Reduce politics when dealing with critical economic issues and prioritize the economy!

The Tinubu-led government should stand up and be counted!

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