- Dan Kunle criticises NNPC for continuing petrol and diesel imports despite Dangote Refinery’s capacity to meet local demand.
- Calls for President Tinubu’s intervention, urging a transition to self-sufficiency and prioritising local refining.
- Warns of economic harm if Nigeria continues to rely on fuel imports, jeopardising future investments and energy security.
Energy expert Dan Kunle has slammed the Nigerian National Petroleum Corporation (NNPC) Limited and marketers for continuing to import petrol and diesel, even though the Dangote Refinery can meet local demand. He criticised the ongoing imports, pointing out that the country spent N5.5 trillion on fuel imports in just four months.
Speaking on Arise TV, Kunle compared the current import surge to the infamous 1970s “Cement Armada” scandal, where excessive imports overwhelmed Nigeria’s ports during the oil boom. He expressed frustration over the government’s failure to enforce policies that would boost local refining.
Kunle reminded viewers of the Federal Executive Council’s (FEC) decision in October 2024 to allocate local crude oil to domestic refineries, especially the Dangote Refinery. He expected this move to curb imports, but the situation remains unchanged, with fuel imports still flowing into the market at an alarming rate.
“I anticipated a shift after the FEC’s decision, particularly with Dangote refining 550,000 barrels daily. Instead, imports keep flooding the market, which makes no sense,” Kunle stated. He questioned whether certain players aimed to flood the market with substandard fuel or sabotage the Dangote Refinery’s operations.
He condemned the push for continued imports, especially when countries like the United States protect local industries to stimulate their economies. Kunle urged President Bola Tinubu to demand a clear timetable from regulatory agencies to end fuel imports and focus on achieving self-sufficiency.
“Dangote Refinery stands as a strategic national asset,” Kunle asserted. “The government needs to intervene immediately and clear the roadblocks. Treating an investment like Dangote’s as a threat will scare off future investors.”
Kunle pressed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for a concrete transition plan. With the Dangote Refinery’s refining capacity and the revival of the Port Harcourt and Warri refineries, Nigeria should shift from being an importer to a net exporter of refined petroleum products.
He warned that maintaining high import levels would threaten Nigeria’s energy security and economic stability. “We must end this import racket now,” Kunle urged.
The expert called on the government to take swift action to prevent further economic damage. He argued that ignoring the Dangote Refinery’s potential would deter future investments and slow Nigeria’s progress toward energy independence.
In conclusion, Kunle appealed to President Tinubu to enforce policies prioritising local refining. He insisted that failure to do so would harm the economy and undermine Nigeria’s position as a potential leader in the global petroleum market.