KEY POINTS
- NNPCL’s 7.25 percent equity in Dangote Refinery is defended as a strategic move to protect national interest.
- The partnership comes amid controversy over President Tinubu’s Executive Order on direct oil revenue remittance.
- Agbese says the stake will strengthen Nigeria’s energy security, industrial growth, and confidence in domestic industrial capacity.
The deputy spokesperson of the House of Representatives, Philip Agbese, has defended the Nigerian National Petroleum Company Limited’s, NNPCL, 7.25 percent equity in the Dangote Refinery. He described the stake as a strategic move to protect Nigeria’s national interest and strengthen the country’s energy security.
Agbese spoke amid criticism of President Bola Tinubu’s recent Executive Order directing the direct remittance of oil revenues to the Federation Account, which has reduced some revenue streams for state-owned oil companies. Despite this, NNPCL recently led a delegation to the 650,000-barrel-per-day Dangote Refinery to deepen collaboration with the private sector.
According to Agbese, NNPCL’s stake ensures that national interest is embedded in the success of the refinery. He emphasized that the partnership will restore confidence in Nigeria’s industrial capability and contribute to broader industrial growth and energy security.
Benefits of NNPCL’s Stake
Agbese highlighted that the NNPCL stake is not just symbolic but has tangible benefits for Nigeria’s energy and industrial landscape. By participating in the refinery’s operations, NNPCL can influence supply planning, pricing strategies, and ensure that crude oil produced in the country benefits the domestic market.
The stake also helps guarantee that national priorities, such as job creation, technology transfer, and skills development, are incorporated into the refinery’s long-term strategy.
Industrial growth and energy security remain key pillars of the federal government’s agenda, and the Dangote Refinery represents a critical asset in achieving these goals. The refinery produces petroleum products and other byproducts that have historically been imported, which reduces Nigeria’s reliance on fuel imports and strengthens economic stability.
Observers say NNPCL’s equity position also positions the company to participate in Nigeria’s downstream expansion plans, including potential partnerships in petrochemical production and export-oriented products. The move is part of a broader push to integrate national oil assets with private sector investment to drive efficiency, technology adoption, and capital inflows.
Agbese concluded by urging Nigerians to view the partnership as a positive step toward securing national energy interests while supporting industrialisation. He also called for continued collaboration between government, regulators, and private players to ensure that major energy infrastructure projects benefit the country as a whole.
