Major Oil Marketers Association of Nigeria (MOMAN) says Dangote Refinery, through its production and ancillary industries, will contribute significantly to the nation’s economic growth.

In an interview on Sunday, Clement Isong, the chief executive officer of MOMAN, said the facility would help to reduce the cost of petrol if the government ends up deregulating the commodity.

“All Nigerians look forward to the future with the hope and conviction that this refinery will contribute significantly to the economy’s growth.

“This is through the production from the refinery and its ancillary industries.

“The fertiliser plant will impact our agriculture and provide indirect opportunities for the West African sub-region,” he said.

Mr Isong stressed that the size and location of the refinery would help manage price volatility and optimise logistic costs.

He said this would have properly planned for efficiency in product evacuation and optimisation.

“Competition, free markets, and private sector participation lead on its own to market efficiencies.

“Other refineries in the country will have to compete, and this is good for the consumers as well as the economy.

“They will compete in price, in product quality, and in customer service delivery,” Mr Isong added.

Dangote Refinery, established by a business mogul, Aliko Dangote, is scheduled to be inaugurated on May 22 by President Muhammadu Buhari.

The 650,000 barrels per day refinery will also help to save the scarce foreign exchange used in the importation of petroleum products. 

(NAN)