The Federal Government has said the Dangote Petroleum Refinery cannot single-handedly meet Africa's growing demand for refined petroleum products, urging local and international investors to pour more capital into Nigeria's refining, midstream, and downstream sectors.
Minister of State for Petroleum Resources, Heineken Lokpobiri, speaking at the second West Africa Refined Fuel Market Conference in Abuja, said Nigeria must build on the refinery's success and attract additional investment to become a major refined-fuel hub for the continent, not just West Africa. "The Dangote Refinery is not enough. Despite the fact that the refinery is increasing its refining capacity to 1.4 million barrels, it is not enough for the African continent," he said.
Lokpobiri cited rising European demand for the refinery's jet fuel as evidence of how interconnected the global petroleum market has become, saying it demonstrated the need to deepen domestic refining capacity and develop responsive pricing structures. He assured stakeholders the government would continue supporting the development of a regional petroleum market and the institutions needed to sustain it.