When the first private refinery in Nigeria finally starts to refine and sell Premium Motor Spirit (PMS), popularly known as petrol, the product will not be sold at the Federal Government’s regulated price, but at export rate.
Africa’s richest man and President of the Dangote Group, Alhaji Aliko Dangote said this while taking the Central Bank Governor, Godwin Emefiele through a tour at the refinery’s facility in Lagos.
This clarifies the uncertainties of how kind or harsh the pump price of petrol of the new operator will be on Nigerians.
Speaking further on this, Aliko Dangote said that the refinery will export at international market rates. While it is the Federal Government that determines the pump price locally, the government have to engage the private refinery for a mid-ground in the case of a subsidy, which he doubts will persist.
“We are not here to concentrate on export but pricing of products depends entirely on the government. If there will be subsidy, which I doubt very much, that is the job of government not the job of Dangote to determine what the price will be. But price of our export is what we sell, which will depend on what the market is internationally, and locally if there will subsidy, the government will carry that responsibility and not us. Government has to engage us and see how they can find a mid-ground on that.”
The founder of the Dangote Group, speaking on job creation made known that the refinery project will create massive jobs.
“Currently, more than 26,000 people are working on the project and at the height of the project, the number of workers will soar to about 80,000 people and there will be more than 50,000 workers living internally in the company.” he said.
Godwin Emefiele assured the Central Bank’s assistance to prospective refineries’ licensees whose banks can vouch for their credit worthiness.
“If there are people that have interest in CBN’s support, they should go to their banks and if their banks are able to display their credit worthiness to be able access such facility, CBN is ready to support them in naira and dollar that they need to import equipment that will enable them conduct their businesses.” he said.
The CBN supported Dangote Refinery, which is estimated at $9 billion (N75 billion), is expected to become one of the world’s biggest refinery upon completion.