A business analyst, Michael Olajuwon, has said there is a need for the newly commissioned Dangote refinery to meet local demands before any other consideration. The chairman of Dangote Refinery, Aliko Dangote, said on Monday that once the plant is fully commissioned, it is expected that at least 40 per cent of the capacity will be available for export. According to him, the new refinery would, to a greater extent, eliminate the dollar content of the cost implications in the value chain of oil production, consequently impacting the selling price. He said, “Dangote refinery should bring reprieve to the country and the continent by fundamentally tackling the earlier enumerated challenges, which hitherto had proven unassailable. “The single fact that we will now refine the oil locally has, to a greater extent, eliminated the dollar content of the cost implications in the value chain of oil production, consequently impacting on the selling price.

Source: Punch May 24, 2023 01:49 UTC