Nigeria’s optimism for improved availability and lower prices from the Dangote refinery, the country’s first privately-owned entity, was shattered on Friday. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued a critical assessment of the refinery, considered one of the largest and most modern globally.
Despite the high praise during its inauguration by former President Muhammadu Buhari in May 2023, NMDPRA Chief Executive Farouk Ahmed revealed that the 650,000 barrels per day refinery is neither completed nor licensed for operations. Additionally, Ahmed stated that the refinery’s products are of inferior quality compared to those currently imported into the country and accused the company of attempting to monopolize the industry.
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Addressing the media at the Presidential Villa in Abuja, Ahmed refuted Dangote’s recent claims of being obstructed by International Oil Companies (IOCs) that allegedly refuse to sell crude to them. He clarified, “Dangote refinery is still in the pre-commissioning stage. It has not been licensed yet. They are at about 45 percent completion. We cannot rely heavily on one refinery to feed the nation.”
Ahmed emphasized that suspending or stopping all importation of petroleum products, as requested by Dangote, would be detrimental to the nation’s energy security and market competition. He pointed out, “In terms of quality, the AGO [automotive gas oil] quality from Dangote refinery and other refineries like Waltersmith is between 650 ppm to 1,200 ppm sulphur content, much higher than the West African requirement of 50 ppm.”
Devakumar Edwin, representing Dangote, accused the IOCs of sabotaging the refinery by inflating crude prices, forcing them to import crude from distant countries like the United States, thereby increasing costs. Edwin stated, “The IOCs have consistently frustrated our requests for locally produced crude as feedstock. We’ve had to pay premiums far above the market price, sometimes up to $4 million over the official price.”
He called on the regulatory commission to review the pricing issue, highlighting the disparity between the prices they are charged and the market rates tracked by platforms like Platts and Argus.
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