Speaker of the House of Representatives, Tajudeen Abbas, has affirmed the commitment of lawmakers to tackle issues affecting the ease of doing business in Nigeria, particularly in light of the challenges facing the full operationalization of the Dangote Refinery.
During a familiarization visit to the Dangote Refinery on Saturday, Abbas and the House leadership were given a tour of the facility by Aliko Dangote, President of the Dangote Group. Abbas emphasized that this visit was part of ongoing efforts to understand and support key industries within the Nigerian economy.
"The purpose of this visit is to provide the House Leadership and the relevant oil and gas committees with an in-depth understanding of the nature, scope, and activities of the Dangote Refinery. This initiative aligns with our legislative agenda, which aims to support the President’s Renewed Hope Agenda, focusing on economic transformation, growth, and development," Abbas stated.
He highlighted that this familiarization tour underscores the lawmakers' commitment to engaging with and supporting critical sectors that drive the economy. The insights gained from the visit will inform legislative measures and decisions aimed at fostering an environment conducive to economic growth and development.
"We are acutely aware of the challenges facing the private sector in Nigeria, including regulatory hurdles, infrastructure deficits, and access to finance. The House of Representatives is committed to addressing these issues and improving the ease of doing business in our country," Abbas said.
He assured that the House is diligently working to create a more business-friendly environment through legislative reforms that streamline processes, reduce bureaucracy, and enhance transparency. The goal is to make Nigeria an attractive destination for both local and international investors.
Abbas also encouraged the Dangote Group to continue supporting government initiatives by investing in renewable energy, enhancing corporate social responsibility programs, and fostering innovation through research and development.
This visit comes amid concerns following revelations by Farouk Ahmed, Chief Executive Officer of the Downstream Petroleum Regulatory Authority, that the Dangote Refinery’s petroleum products are inferior to imported ones. Ahmed also noted that the refinery has not yet been licensed to operate, raising concerns about the potential for monopoly in the sector.
The situation has caused confusion within Nigeria’s oil and gas sector. Former Chief Operating Officer of Upstream Operations at the NNPCL, Engineer Bello Rabiu, remarked on the monopolistic nature of the NNPCL in the sector. Additionally, Devakumar Edwin, Vice President of Dangote Industries Limited, accused International Oil Companies in Nigeria of frustrating the refinery by selling crude oil at higher prices.
These developments came after Aliko Dangote announced that the 650,000 barrels per day refinery would begin supplying fuel by August. He indicated that the refinery’s commencement would end Nigeria’s fuel importation, which currently sees fuel prices ranging from N617 to N750 per liter.
Earlier, on June 3, 2024, the Senate, led by Senate President Godswill Akpabio, also visited the Dangote Refinery, highlighting the ongoing governmental interest and involvement in the refinery’s progress.
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