Chairman of the Senate Committee on Petroleum Industry Bill (PIB), Mr. Sani Nakuda has said the oil refinery being built by the Dangote Group will boost the Nigerian economy as well as prevent economic doom, when it comes on stream.
The Senate Committee chairman stated this during an inspection visit to the site of the Dangote Refinery, Petrochemicals Complex, fertiliser plant and subsea gas pipeline projects in Ibeju Lekki, Lagos State.
He said “looking at the investment here, it is unbelievable that a single individual can confront this kind of project at this time of our economic life. I am overwhelmed”.
He further disclosed that with the new Petroleum Industry Bill (PIB) coming up, his team intend to visit all the other refineries and not only Dangote Refinery.
In his words “we were in Kaduna yesterday on Monday. We are going to Port Harcourt and Warri so that we know what the industry entails and what needs to be done to be captured in the bill so that there will be ease of operations”.
Nakudu was optimistic that when the Refinery comes on stream, the local currency is going to be strengthened apart from the jobs being created by the projects, adding that “we have spent millions of dollars importing finished petroleum products”.
He declared that the National Assembly would give the project the necessary support, noting that “if you don’t help this refinery come on stream, then it means the Nigerian economy is going to be doomed”.
On the Petroleum Industry Bill, he said the National Assembly is working assiduously to ensure its passage within the next two months.
On his part, the Chairman, Adhoc Committee on Petroleum Industry Bill, House of Representatives, Mr. Mohammed Monguno commended the Dangote Group for the project, noting that it would help to diversify the economy and boost the foreign exchange reserves.
According to him, the passage of the Petroleum Industry Bill will make sure that the enabling environment is created by way of legislation for such private investments to thrive and make the oil and gas industry much more competitive to also attract further investments into the country.
Responding, the Executive Director, Strategy, Capital Projects and Portfolio Development of Dangote Group, Mr. Devakumar Edwin disclosed that the refinery has the capacity of 650,000 barrels per day and this figure could meet 100% of the country’s requirement of all liquid petroleum products and still have surplus for export.