The inability of local refineries to secure enough Nigerian crude oil is threatening the country’s push for energy security and lower fuel costs, and setting off warning bells from manufacturers and business leaders, ARINZE NWAFOR reports
The Manufacturers Association of Nigeria has expressed concern over the inability of local refineries to access sufficient crude oil from within the country, warning that the situation is forcing Nigerian refiners to compete with international buyers for the nation’s crude and undermining the benefits of domestic refining.
The Director-General of MAN, Segun Ajayi-Kadir, made the remarks while reacting to reports that the Dangote Petroleum Refinery had purchased two cargoes of crude oil from the United Arab Emirates amid persistent domestic supply constraints.
Ajayi-Kadir described the development as evidence that domestic refiners were not getting adequate and reliable supplies of Nigerian crude, saying the situation was detrimental to the country’s industrialisation drive.
“That is obvious. The Dangote refinery’s decision to import crude oil from the United Arab Emirates amplifies the long-standing claims by domestic refiners that they are not receiving an adequate and reliable supply of local crude,” Ajayi-Kadir said.
