We’re No longer An Importing Nation In Oil, We’re Now An Exporting,We Have Our Refinery—Okonkwo

Kenneth Okonkwo, spokesperson for the presidential campaign of African Democratic Congress (ADC) chieftain Atiku Abubakar, has said Nigeria can meet its domestic fuel needs through local refining, citing the capacity of the Dangote Refinery.

Speaking during an interview on Channels TV’ Inside Sources, Okonkwo discussed fuel subsidy, the rising cost of petrol and the differences between Atiku’s proposed approach and the policies of President Bola Tinubu’s administration.

According to him, Nigeria’s reliance on imported refined petroleum products should end as local refineries receive sufficient crude oil to meet domestic demand.

Okonkwo stated, “We are no longer an importing nation in oil. We are now an exporting nation because we have our refinery. Dangote has assured us he can produce all Nigeria’s domestic fuel needs.”

He argued that the availability of the Dangote Refinery presents an opportunity for Nigeria to reduce its dependence on imported petrol and lower costs associated with transporting refined products from overseas.

The ADC chieftain also criticised the Federal Government’s proposed petrol price reduction, arguing that the temporary relief being offered to Nigerians amounts to a subsidy, regardless of the name given to it.

He maintained that the government should supply crude oil to the Dangote Refinery and other local refineries at affordable prices to help reduce the cost of petrol.

Okonkwo further explained that Atiku’s proposed approach would prioritise domestic fuel supply and reduce expenses associated with importing refined petroleum products.

However, the discussion also highlighted challenges facing local refining, including the availability of crude oil, electricity costs, security expenses and high borrowing rates.