{"id":113407,"date":"2024-07-24T03:41:54","date_gmt":"2024-07-24T02:41:54","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=113407"},"modified":"2024-07-24T03:41:54","modified_gmt":"2024-07-24T02:41:54","slug":"adesina-condemns-plot-to-undermine-dangote-refinery","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/adesina-condemns-plot-to-undermine-dangote-refinery\/","title":{"rendered":"Adesina condemns plot to undermine Dangote Refinery"},"content":{"rendered":"
\n
By Bayo Davids<\/div>\n
\n
\nThe President, African Development Bank (AfDB), Mr. Akinwunmi Adesina has slammed the alleged plot by powerful forces operating in the Nigeria’s oil and gas industry to deny the Dangote Refinery the supply of crude oil.<\/p>\n

Recall that the Joint Committee of the House of Representatives is currently investigating the allegation alongside claims that middlemen are working to frustrate the idigenous refinery from contributing its quota to the development of the sector.<\/p>\n

Describing the development as\u00a0 shocking and “Creating bad waves for Nigeria globally,” the AfDB boss argued that monopoly often exists where there are high barriers to entry or high capital costs,” particularly in developing economies of the world.<\/p>\n

According to Adesina in a statement on Tuesday, Dangote Refinery is a brand whose investment in the Nigeria’s oil is not a feat that should be treated with disdain.<\/p>\n

“How many individuals or companies can do railways? How many can do refineries of the scale of Dangote Refineries?<\/p>\n

“In a nation that has been importing refined petroleum products for several decades, the abnormal simply became very normal.<\/p>\n

“No smart investor would make a $19.5bn investment and want it to be undermined by importers,” he said.<\/p>\n

He continued, “To manufacture is extremely expensive and risky. This is even more so in Nigeria, given the very challenging business and economic environment, fraught with policy uncertainties and policy reversals, and where the self-defeating default mode of ‘simply import it’ is always so easily rationalized and chorused to solve any problem.”<\/p>\n

While emphasizing the importance of competition, Adesina said called on fifth columnists to come up with evidence showing Dangote Refinery as competitive.<\/p>\n

“Competition is good for everyone. But is Dangote refineries anti-competitive? What is the evidence?<\/p>\n

“Has Dangote refineries prevented any other company from setting up refineries? Why have others not done so? How come they have not done so for several decades? Was it Dangote that held them back?<\/p>\n

“But Dangote Refinery surely cannot be asked to \u2018compete\u2019 with importers of petroleum products.<\/p>\n

“That is not competition. Let the importers set up local refineries and compete by refining in Nigeria. That is fair and justified competition.<\/p>\n

“We cannot and must not undermine, disparage or kill local industries, not to talk of one that is of this scale \u2014 a jewel of industrialisation in Nigeria.<\/p>\n

“It is more than simply delivering the cheapest product to the market. It is about domestic supply security, driving (and yes, protecting) globally competitive industries, maximizing forward and backward linkages in the local economy, job creation, reducing forex expenses and shoring up the Naira.”<\/p>\n

He further argued that disparaging the Kano-born businessma is uncalled for.<\/p>\n

“It is self-defeating. And it is very bad for Nigeria. Who will want to come and invest in a country that disparages and undermines its own largest investor? ,” he asked.<\/p><\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

By Bayo Davids The President, African Development Bank (AfDB), Mr. Akinwunmi Adesina has slammed the alleged plot by powerful forces operating in the Nigeria’s oil and gas industry to deny…<\/p>\n","protected":false},"author":1,"featured_media":58269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-113407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nAdesina condemns plot to undermine Dangote Refinery - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/adesina-condemns-plot-to-undermine-dangote-refinery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adesina condemns plot to undermine Dangote Refinery - 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