Alleged Crude Refinery Monopoly: Stop Begrudging Dangote, Approach FG For Licence – Economist Charges Nigerians

An economic expert, Dr. Tunji Ogunyemi of the Obafemi Awolowo University, Ile-Ife has berated those complaining about Aliko Dangote making refining of crude a monopoly business after the removal of fuel subsidy by the federal government of Nigeria.

Blaze Newz recalls that the federal government announced its plans to remove fuel subsidy after the end of President Mohammadu Buhari’s administration in May.

The federal government has been struggling with bringing back to life the four refineries owned by the government.

Read Also: Adeleke Approves Dualisation Of Akoda-Cottage Junction-Oke Gada-Ido Osun-Ofatedo Road

But Dangote started the building of his refinery in Ibeju-lekki, Lagos in 2016, completed it in 2023 and was commissioned on Monday by President Muhammadu Buhari.

The refinery has the capacity of six- hundred and fifty thousand per day making it the largest single train refinery in the world.

The fact that it is only Dangote that is in this sector in the market created fear in the heart of some Nigerians saying it will lead to monopoly.

Commenting on this, Ogunyemi said those who are talking about monopoly are begrudging Dangote on his success.

Read Also: We Experienced Change But Not In Context Of Buhari’s Promises- Omigbodun

Advicing them to go and get license and build their own refinery and compete where the federal republic of Nigeria is a failure.

Ogunyemi said there is nothing wrong with monopoly on Rave FM Osogbo on Tuesday.

According to Ogunyemi “I don’t know why people are begrudging a successful man? The fact that Dangote is now successful in his six hundred and fifty thousan capacity barrels per day refinery.

Read Also: Dangote Refinery Will Generate 12,000 Megawatts Electricity – CBN Gov Emefiele

“Is that a reason to begin to activate all manner of bait, who stop any other Nigerian from investing in petroleum refinery?

“Why are they begrudging a successful man that has succeeded in investing about twenty five billion of his money in an area that cripple the government why are they begrudging him?

“When there were no monopoly, how successful were you? How many baron of fuel do you refine without monopoly? So, what is wrong about monopoly?

Read Also: Blasphemy: Disciples Of Kano Cleric Sentenced To Death

“Is it a sin? can’t this people who talk about monopoly go get licensing and build their own refinery and compete in a area where even the federal republic of Nigeria is a failiure.

“Please, common! Let us stop begrudging a successful man, if you want to participate, is a free market, go and get a license.”