The Group Head of Corporate Communications for the Dangote Group, Anthony Chiejina, has said Nigeria’s growing refining capacity places the country in a strong position amid shifting global geopolitical dynamics that threaten oil supply and prices.
Speaking on Wednesday at the Dangote Refinery, Chiejina said ongoing tensions involving major oil-producing countries such as Venezuela and Iran could significantly affect global crude supply, with serious implications for fuel prices worldwide.
He further noted that the ability to refine crude locally has fundamentally changed Nigeria’s outlook, offering a buffer against external shocks and price volatility.
He stated that without domestic refining capacity, Nigeria would be highly vulnerable to such global disruptions, particularly through sharp increases in the prices of Premium Motor Spirit (PMS) and diesel.
Chiejina stressed that local refining reduces Nigeria’s exposure to global supply disruptions and helps stabilise fuel availability and pricing, even if international conditions worsen.
He noted that should global tensions escalate further, the Dangote Refinery is well positioned to improve capacity utilisation, ensuring the country is not severely affected by external pressures.
“If you look at what is happening in the global geopolitical shift, you can imagine Nigeria without any refining capacity. So for us, the future is very very good because of the country’s ability to refine crude. And with what is going on in Venezuela and Iran, I’m looking at the price of crude not going between 50 and 52 and you can imagine what that will be to Nigeria and you can imagine what that will imply if we don’t have the refining capacity, what will happen to the price of PMS and diesel. So, for us, it is a happy moment for us and it’s also a timely joy for Nigeria. So if the situation deteriorates further I can tell you our capacity will get better and I don’t think we’ll be badly hit with what is going on.”
Melissa Enoch
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