Nigeria’s fuel import decline signals re-emergence as petroleum hub – TDF

The Democratic Front (TDF), a civil society group, has described Nigeria’s eight-year low in fuel importation as a significant milestone, signaling the country’s resurgence as a major petroleum refining hub.

In a statement signed by its Chairman, Danjuma Muhammad, and Secretary, Wale Adedayo, the group attributed the decline to increased domestic refining capacity.

TDF highlighted that past administrations’ failure to prioritize local refining led to decades of excessive spending on fuel imports, depriving the nation of critical development opportunities.

“The billions of dollars earned from crude oil sales were wasted on importing refined petroleum products, resulting in economic stagnation, high unemployment, and corruption in the oil sector,” the statement read.

The group noted that the recent reduction in fuel imports has conserved substantial foreign exchange, boosting job creation, productivity, and naira stability.

TDF acknowledged the efforts of former President Muhammadu Buhari’s administration in initiating the overhaul of Nigeria’s four government-owned refineries, a process sustained by President Bola Tinubu.

It also credited the investment-friendly policies of the two All Progressives Congress (APC) governments for facilitating the establishment of the Dangote Refinery, the world’s largest single-train refinery.

“If the Dangote, Port Harcourt, and other refineries continue to ramp up production, Nigeria could save an estimated $10 billion annually that would otherwise be spent on fuel imports,” the statement added.

With the rising number of operational refineries and a favorable business climate, TDF expressed confidence that Nigeria is on track to becoming a leading petroleum refining hub in Africa.