Former President Olusegun Obasanjo has raised concerns about the challenges facing the $20 billion Dangote Refinery.
The elder statesman attributed the problems to some cabals within Nigeria’s oil and gas sector.
Obasanjo pointed out that these cabals are determined to hinder the refinery’s success to protect their profitable business of importing refined petrol.
In his interview with the Financial Times, Obasanjo said that the success of Aliko Dangote’s refinery could serve as a catalyst for both domestic and international investments in Nigeria.
He expressed concern that those benefiting from the current importation system might work to undermine the refinery’s progress.
Obasanjo also criticized Nigeria’s economic strategy, saying the country relies too much on oil while neglecting other vital sectors such as gas and agriculture.
“Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria.
“If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated.
“I believe we made a very, very deadly mistake. We put all our eggs in one basket of oil. We even ignored gas. We were flaring gas, which is a very important commodity
“We ignored agriculture, which should have been the centrepiece of our economic development.”
This warning comes amid ongoing crude oil supply issues at the Dangote Refinery.
Despite President Bola Ahmed Tinubu’s recent directive for the Nigerian National Petroleum Company Limited to sell crude to local refineries, including Dangote, in Naira, the refinery has continued to face challenges.
