“Every money Dangote goes back to the Nigeria economy” - Dangote defends monopoly claims

• Group Vice President of Oil and Gas Edwin says the Dangote Refinery is ready to start producing gasoline
• Devakumar Edwin, the Group VP of Dangote Refinery, Oil and Gas, clarified discussions surrounding the monopoly term
• He said that Dangote’s sheer interest in the Nigerian project is his major motivation to deliver on his projects

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Dangote Refinery is poised to begin production of petrol, according, the Group Vice President, Oil and Gas, Edwin

Devakumar Edwin, the Group Vice President of Dangote Refinery, Oil and Gas, clarified discussions surrounding the monopoly term. Photo Credit: Dangote Refinery
Source: Getty Images

He said that a process which is expected to complement the current products at the refinery, stimulate local supply of the vital product to Nigerians, and save huge foreign exchange revenue for the country.

Reacting to questions, the Group Vice President Dangote Refinery, Oil and Gas, Devakumar Edwin, demystified talks around the monopoly tag, stating that someone has to start a project before others follow.

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“Nigeria was one of the largest importers of cement, then we started manufacturing cement and then we became exporters, same thing applies to sugar, salt and now fertiliser. This breakthrough opened the doors for other investors in those industries and Nigeria is better for it.“What motivates Dangote is his sheer interest in the Nigerian project. It is true, we are in business to make money but the question is where is the money going to? Every money Dangote is making goes back to the Nigeria economy, from cement to salt, sugar, fertiliser.”He added that the business strategy of the Dangote Refinery is to minimise the energy cost and the overall cost of production; build the most environmentally friendly; maximise value addition; maximise gasoline which is in high demand with about 55% of the production capacity compared to 22% of the existing refineries in Nigeria.

Additionally, Edwin stated that this includes, among other things, modern technology, the production of Euro V products, carefully planned maritime infrastructure for the receipt and evacuation of crude and product, the creation of a $21 billion annual market for Nigerian crude, and the production of Euro V products.

Engineer Babajide Soyode, the Technical Consultant at Dangote Refinery, expressed his pride in his professional colleagues' visit during a press conference.

He added,

“I knew the project was a hard one, but Aliko Dangote is harder. He follows up on his passion. His corporate vision is to meet the need of the people. It is the greatest honour of my life to be part of this project.”

Nigeria Unveils New Crude Oil Grade

Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) has introduced the Utapate Crude Oil Blend, a significant development in Nigeria’s oil industry.

The National Orientation Agency posted this on its X handle on Friday, August 23, 2024.

The new crude grade is differentiated by its low sulphur content of about 0.0655% and minimal carbon footprint due to the elimination of flare gas, which aligns with the specs sought by major European oil firms.

Source: Legit.ng