The president of the African Development Bank (AFDB), Akinwunmi Adesina, has stated that the petroleum products produced by Dangote Refinery are not anti-competitive, contradicting claims made by the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Faroul Ahmed.
Adesina, who formerly served as Nigeria’s Agriculture Minister, shared his views in a statement posted on X, which was also shared by Nigerian billionaire and Geregu Power chairman, Femi Otedola. He responded to Ahmed’s earlier statement, which implied that Dangote Refinery’s actions were anti-competitive.
“Competition is good for everyone. But are Dangote refineries anti-competitive? What is the evidence?
“Has Dangote refineries prevented any other company from setting up refineries? Why have others not done so? How come they have not done so for several decades? Was it Dangote that held them back? But Dangote refineries surely cannot be asked to ‘compete’ with importers of petroleum products.
“That is not competition. Let the importers set up local refineries and compete by refining in Nigeria. That is fair and justified competition,” he said.
He further stated that the Nigerian government must not weaken or destroy domestic industries, particularly the Dangote Refinery, which he described as the jewel of industrialization in Nigeria.
“We cannot and must not undermine, disparage, or kill local industries; talk less of one that is of this scale — a jewel of industrialization in Nigeria.”
He advised that Nigeria’s focus should extend beyond merely providing cheap petroleum products to the market.
“It is more than simply delivering the cheapest product to the market. It is about domestic supply security, driving (and yes, protecting) globally competitive industries, maximising forward and backward linkages in the local economy, job creation, reducing forex expenses, and shoring up the naira,” he said.
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