Editorial
Dangote Refinery, Pride Of Africa
Undoubtedly, Nigeria’s refineries are some of the poorest in the world. However, this narrative is about to change as the Dangote Petroleum Refinery, the world’s largest single-train refinery, will open its doors to business in the coming days. President Muhammadu Buhari will commission the outfit on May 22, marking a significant milestone for the country’s oil industry.
Besides the impending narrative change, the country will soon be home to the largest and most advanced refinery equipment ever built in global refining history. This will establish Nigeria as a major petroleum refining hub in Africa, with the refinery meeting the nation’s gasoline requirements and producing a surplus for export.
Several highly advanced refineries and petrochemical plants existed globally prior to the commencement of the 650,000 barrels a day refinery project. These included the Jamnagar Refinery in India operated by Reliance Industries, the Zhanjiang Refinery in China, and the Yanbu Refinery and Sadara Chemical Complex in Saudi Arabia.
Dangote refinery is currently exploring new technology to select the largest and most efficient equipment for global crude refining. The refinery will process multiple grades of crude oil, including shale oil, to produce high-quality gasoline, diesel, kerosene and aviation fuels that meet Euro V emissions specifications.
When fully implemented, the project will generate over 9,500 direct and 25,000 indirect jobs. In 2022, the first products from Dangote refinery would have come out as planned, preventing the continual harm to the Nigerian economy.
Energy poverty is a major economic problem in Nigeria. The lack of Premium Motor Spirit and electric power has caused crucial issues with fiscal and monetary instruments. Additionally, the scarcity of aviation fuel and diesel has further exacerbated the problem in the petroleum products market.
Last year, the Nigerian aviation industry almost collapsed following an unexpected surge in Jet-fuel prices and scarcity. This situation also affected small and medium scale enterprises as diesel prices followed a similar trend. As a result, several businesses, including hotels and banks, have been struggling to operate because of high operational costs.
Nigeria’s energy future appears bleak as the demand for critical petroleum products continues to rise while the supply remains insufficient. This lack of increase in supply will have a negative impact on the country’s energy posture in 2023 and beyond.
The new refinery will address the long-standing issues surrounding petroleum products and prices. These issues include scarcity, adulteration, and the ongoing subsidy debate. With its advanced technology and economic feasibility, the refinery is a critical asset for the Nigeria’s energy market.
According to the National Bureau of Statistics, other oil products imports in Q3 2022 amounted to N1.615 trillion, representing 28.10 per cent of total imports. This is a 9.11 per cent increase from Q2 2022, which recorded N1.480 trillion. NBS data suggests that the import value may reach 6.2 trillion by the end of 2022.
Even though the Dangote Refinery Gate Price is not expected to be denominated in Naira, there lies substantial foreign exchange savings. This will translate into a massive reduction of the pressure on the Central Monetary Authority mandate of defending the Naira. This is found by extracting the foreign exchange components of the landing cost of PMS before an under/over recovery administration is carried out.
The total cost of importing the products includes various components such as freight charges, trader’s margin of US$10/30,000mt, ship-ship charges, receipt losses of 0.3 per cent, NPA $28,000 per day demurrage after 10 days allowance, $10.5/mt NPA handling charges, cost of stock financing for the imported products, US$2.50/mt and other expenses.
According to a recent study conducted by a group of researchers, the components that make up 27 per cent of the total pump price of any petroleum product have been identified. This translates to a staggering N1.674 trillion being spent on buying foreign exchange for payment of imported petroleum products, which could have been saved if a domestic refinery was in place.
When the refinery goes into full operation, it will reveal the extent of damage caused by poor management of the petroleum industry since the end of the civil war. The Nigerian economy has suffered greatly, with every business, corporate, institutional, and individual aspirations affected by the mismanagement of petroleum products, especially PMS. Genuine government policies have also been negatively impacted.
Editorial
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Editorial
WPFD: Nigeria’s Defining Test
Nigeria stands at a critical juncture as the world marked World Press Freedom Day (WPFD) on May 3. This annual observance is a reminder that a free press is central to democratic life, good governance, and public accountability. For Nigeria, it is also a moment for sober reflection on how far the country has come and how far it still has to go in safeguarding the independence of its media.
World Press Freedom Day exists to highlight the fundamental importance of freedom of expression and to honour journalists who risk their lives in pursuit of truth. It underscores the idea that without a free press, societies cannot function transparently, nor can citizens make informed decisions. In countries like Nigeria, where democracy continues to evolve, the observance carries particular urgency.
This year’s theme, “Shaping a Future at Peace: Promoting Press Freedom for Human Rights, Development and Security”, places journalism at the heart of global stability. It emphasises that a peaceful society cannot be built on silence, fear, or manipulated information. Rather, it depends on the free flow of accurate, timely, and independent reporting.
At its core, the theme highlights the role of journalism in fostering accountability, dialogue, and trust. These are not abstract ideals. In Nigeria, where public confidence in institutions is often fragile, the media remains one of the few platforms through which citizens can question authority and demand transparency. When press freedom declines, so too does public trust.
Journalism serves as a foundation for peace, security, and economic recovery. Countries with robust media systems tend to attract greater investment, maintain stronger institutions, and resolve conflicts more effectively. Nigeria’s economic challenges, ranging from inflation to unemployment, require open scrutiny and informed debate, both of which depend on a free press.
However, the issue of information integrity has become increasingly complex in the digital age. Artificial Intelligence (AI) and online platforms have amplified the spread of misinformation and disinformation. In Nigeria, where internet penetration has grown rapidly, false narratives can travel faster than verified facts. This makes the role of credible journalism more vital than ever.
The challenge is not only technological but also ethical. AI-driven manipulation of information threatens to distort public discourse, influence elections, and deepen social divisions. In such an environment, professional journalism must act as a stabilising force, ensuring that truth prevails over sensationalism and propaganda.
Equally troubling is the safety of journalists. Across Nigeria, reporters face growing levels of online harassment, judicial intimidation, and physical threats. Self-censorship is becoming more common, as media practitioners weigh the risks of reporting sensitive issues. This trend undermines the very essence of journalism.
A particularly alarming incident involved a serving minister in the present administration, who openly threatened to shoot a journalist during a televised exchange. Such conduct, broadcast to the public, sends a dangerous signal that hostility towards the press is acceptable. It erodes the norms of democratic engagement and places journalists in harm’s way.
This year’s theme aligns closely with the United Nations Sustainable Development Goal (SDG)16, which promotes peace, justice, and strong institutions. Freedom of expression is a cornerstone of this goal. Without it, institutions weaken, corruption thrives, and justice becomes elusive. Nigeria’s commitment to SDG 16 must therefore include genuine protection for the media.
Historically, the Nigerian press has been a formidable force. From resisting colonial rule to challenging military dictatorships, our journalists have played a central role in shaping the nation’s political landscape. Today, however, that legacy appears to be under strain, as the media operates under what can best be described as a veneer of freedom.
Beneath this facade lies a troubling reality. Journalists are routinely harassed, detained, and prosecuted for performing their constitutional duties. Reports from media watchdogs indicate that dozens of Nigerian journalists face legal threats or arrest each year, often for exposing corruption or criticising those in power.
The Cybercrimes (Prohibition, Prevention, etc.) Act of 2015 has become a focal point of concern. Originally intended to combat cyber threats, it has increasingly been used to silence dissent. Sections 24 and 27(1)(b), in particular, have been invoked to target journalists, bloggers, and social commentators.
Although amendments introduced in February 2024 were meant to safeguard journalists, concerns persist. The law continues to be wielded in ways that stifle investigative reporting and restrict freedom of expression. Legal reforms must go beyond cosmetic changes to address the root causes of misuse.
To safeguard the future of journalism in Nigeria, decisive action is required. The Cybercrimes Act must be revisited to ensure it cannot be weaponised against the press. Law enforcement agencies must operate free from political influence, upholding the rule of law and protecting journalists’ rights. Civil society and international partners must also strengthen independent media through funding, training, and platforms for wider reach.
In this rapidly evolving world shaped by artificial intelligence and digital innovation, Nigeria faces a clear choice. It can either allow press freedom to erode under pressure, or it can champion a truly independent media landscape. The path it chooses will determine not only the future of journalism, but also the strength of its democracy and the peace it seeks to build.
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