Abuja — The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday said it welcomed with high expectations the completion and commissioning of the multibillion dollars Dangote Refinery by former President Muhammadu Buhari.
The Executive Secretary of NEITI, Dr. Ogbonnaya Orji in a statement in Abuja, signed by the Deputy Director/Head of Communications and Stakeholders Management, Obiageli Onuorah, described the development as a huge national relief.
Orji stated that NEITI remained a member of the global Extractive Industries Transparency Initiative with domestic responsibility to enthrone transparency and accountability in the oil, gas and mining sectors.
He expressed delight that the Dangote refinery was coming on-stream at a time public debates on the removal of fuel subsidy had taken centre stage in public discourse.
Apart from the huge revenue losses, it stated that NEITI's independent extractive industry report on subsidy payments between 2005 and 2021, disclosed that over N13.7 trillion has been expended on subsidies.
It listed capital flight and other numerous challenges associated with fuel importation as some of the issues hitherto faced by the sector.
NEITI stated that with the take-off of Dangote Refinery with 650,000 barrels daily refining capacity, it will largely address Nigeria's domestic demands for refined petroleum products within the short and medium term.
"NEITI salutes the determination, courage and the huge confidence demonstrated by Dangote in the huge investments in the downstream sector, which will address the issues of product availability, job opportunities and value creation," he said.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
The executive secretary projected that the commissioning of the Dangote refinery would end fuel importation in Nigeria and subsequently save the nation from the over $7.3 billion projected to be spent on fuel subsidy in the first half of the year 2023.
He stated that NEITI would expect the Dangote refinery to fully comply with the principles of the Extractive Industries Transparency Initiative (EITI) of which Nigeria is a signatory.
As a major player in the oil and gas industry, he noted that NEITI would soon commence engagements with the Dangote refinery on the specific issues around the 20 per cent equity interest that the NNPC had taken in the refinery on behalf of the federation.
Orji advised the conglomerate to distance itself from a monopolistic business model and embrace corporate social responsibility, openness and accountability, which he said, would allow for civic engagement and free enterprise.
