AS a major player in the oil and gas industry, the Nigeria Extractive Industries Transparency Initiative (NEITI) on Tuesday, said it will soon commence engagements with the Dangote Refinery on the specific issues around the 20% equity interest that the NNPC has taken in the Refinery on behalf of the Federal Government.
Moreover, it urged the conglomerate to distance itself from a monopolistic business model and embrace corporate social responsibility, openness and accountability which allow for civic engagement and free enterprise.
NEITI’s Executive Secretary, Dr. Orji Ogbonnaya made the disclosure in a statement issued in Abuja and signed by the Head Communications and Stakeholders Management, Mrs. Obiageli Onuorah.
He said with over N13.7 trillion naira spent on petrol subsidies between 2005 and 2021, the take-off of Dangote Refinery with 650,000 barrels daily refining capacity will largely address Nigeria’s domestic demands for refined petroleum products within the short and medium term.
He described the development as a huge national relief as this is coming at a time when public debates on the removal of fuel subsidy have taken a centre stage.
According to him, the commissioning of the Dangote refinery will end fuel importation in Nigeria and subsequently save the nation the over $7.3Billion projected to be spent on fuel subsidy in the first half of the year.
He commended Dangote’s huge investments in the downstream sector saying this will address the issues of product availability, job opportunities and value creation.
Dr Orji stated that NEITI expects the Dangote refinery to fully comply with the principles of the Extractive Industries Transparency Initiative (EITI) which Nigeria is a signatory.