{"id":26798,"date":"2022-05-29T20:04:01","date_gmt":"2022-05-29T20:04:01","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=26798"},"modified":"2022-05-29T20:04:01","modified_gmt":"2022-05-29T20:04:01","slug":"dangote-refinery-will-expose-nigerias-midstream-downstream-sectors-to-international-markets-dangote","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/29\/dangote-refinery-will-expose-nigerias-midstream-downstream-sectors-to-international-markets-dangote\/","title":{"rendered":"Dangote Refinery will expose Nigeria\u2019s midstream, downstream sectors to international markets \u2013 Dangote"},"content":{"rendered":"<header class=\"entry-header\" aria-label=\"Content\">\n<h1 class=\"entry-title\"><span style=\"font-size: 16px\">\u00a0Alhaji Aliko Dangote, President, Dangote Group, has said the coming on stream of the Dangote Petroleum Refinery would expose Nigeria\u2019s midstream and downstream sectors to the international markets.<\/span><\/h1>\n<\/header>\n<div class=\"entry-content\">\n<div dir=\"auto\">\n<p class=\"p1\"><span class=\"s1\">Dangote said the refinery being constructed in <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/02\/28\/politics-sorting-and-counting-of-votes-commences-at-lagos-pdp-congress\/\">Ibeju-Lekki, Lagos<\/a> would<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">guarantee availability of high quality environmentally compliant products in Nigeria, regional markets in West Africa, Southern Africa and inter-continental markets.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A statement issued by Mr Tony Chiejina, Director, Corporate Communications Department, Dangote Group on Sunday, said he spoke at the 2022 Nigerian Content Midstream and Downstream Oil and Gas Summit which held recently in Lagos.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The statement said Dangote was represented by Mr Babajide Soyode,<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Technical Consultant, Dangote Industries Ltd.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He said the 650,000bpd refinery would promote competition of local refining in Africa by encouraging existing large refineries to upscale, which would result in surplus products for exports.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cDangote Petroleum Refinery will guarantee adequate fuels production for domestic consumption and availability of excess products for export which will help to stabilise our <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/10\/revive-industrial-estates-to-stem-collapse-of-industry-cppe\/\">domestic currency.<\/a><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cIt will lead to upgrading and expansion of Nigerian National Petroleum Company Ltd. refineries and promotion of prospects of Nigeria\u2019s transformation to a regional refining hub,\u201d Dangote said.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He emphasised the need for the Federal Government to invest more on quality infrastructure to reduce importation of refinery equipment that would ordinarily be sourced in Nigeria.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Dangote noted that the development of specific, sustainable equipment manufacturing and services should be the focus of the Nigerian Content Development and Monitoring Board and the Federal Government.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cFunding of a project should be to ensure that substantial part of the product plant must be of Nigerian origin; the same applies to goods and services.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cGovernment should ensure a single digit tax regime to encourage investment in the downstream sector,\u201d he added.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Also, the Executive Secretary, NCDMB, Mr Simbi Wabote, reiterated the government\u2019s target to increase domestic refining capacity to 1.4 million barrels per day in the next five years.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Wabote said this was being done by rehabilitating the existing four national refineries and providing strategic support for setting up private-owned Greenfield and modular refineries in the country.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cCombined refining capacity of more than 1.4mbpd is expected from these focus areas within the next five years.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cAbout 400,000bpd is expected from the rehabilitation of NNPC refineries in Port Harcourt, Warri, and Kaduna using target performance of not less than 90 per cent of nameplate capacity.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cThe greenfield element of the roadmap covers the 650,000bpd Dangote Refinery in Lagos and the 200,000bpd BUA Refinery in Akwa Ibom,\u201d said Wabote.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">On his part, the Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, said there were huge opportunities in the oil and gas value chain.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Ahmed, represented by Mr Francis Ogaree, Executive Director, Hydrocarbon Processing Plants, Installations and Transportation Infrastructure, NMDPRA, said the authority would continue to enable business in the sector.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He said the enactment of the Petroleum Industry Act (PIA) had introduced a governance framework for the industry with clear delineation of roles between regulation and profit-centric business units.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Ahmed noted that the Act contained fiscal incentives to attract investment in gas development and local refining.\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0Alhaji Aliko Dangote, President, Dangote Group, has said the coming on stream of the Dangote Petroleum Refinery would expose Nigeria\u2019s midstream and downstream sectors to the international markets. Dangote said the refinery being constructed in Ibeju-Lekki, Lagos would guarantee availability of high quality environmentally compliant products in Nigeria, regional markets in West Africa, Southern Africa [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":26812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[11],"tags":[662,3993,5417],"class_list":["post-26798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro","tag-business","tag-development","tag-regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dangote Refinery will expose Nigeria\u2019s midstream, downstream sectors to international markets \u2013 Dangote &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/29\/dangote-refinery-will-expose-nigerias-midstream-downstream-sectors-to-international-markets-dangote\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dangote Refinery will expose Nigeria\u2019s midstream, downstream sectors to international markets \u2013 Dangote\" \/>\n<meta property=\"og:description\" content=\"\u00a0Alhaji Aliko Dangote, President, Dangote Group, has said the coming on stream of the Dangote Petroleum Refinery would expose Nigeria\u2019s midstream and downstream sectors to the international markets. 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