Former President Olusegun Obasanjo has criticized the entrenched interests within Nigeria’s oil and gas sectors, claiming they are actively working to undermine the success of the $20 billion Dangote Refinery.
In a recent Financial Times documentary titled “Nigeria’s Struggle to Break the ‘Oil Curse’,” Obasanjo alleged that powerful figures in the industry are thwarting the refinery project out of fear of losing profitable opportunities in selling refined products.
Obasanjo emphasized that the successful operation of the Dangote Refinery could serve as a catalyst for increased investment from both domestic and international sources.
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He remarked, “Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria. If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated.”
The former president also highlighted the persistent issues facing Nigeria’s four existing refineries, which have remained inoperative despite substantial investments and efforts to revive them.
Obasanjo recounted his attempt to involve Shell in managing the refineries, only to be rebuffed due to concerns over corruption and poor maintenance practices.
“When I was president, I invited Shell to come and take equity and run our refineries for us. They refused and said our refineries were not well maintained. We brought amateurs instead of professionals. Then there was too much corruption with the way our refineries were maintained. They didn’t want to get involved in such a mess,” Obasanjo stated.