The Independent Petroleum Marketers Association of Nigeria (IPMAN) has commended Aliko Dangote’s initiative to expand his petroleum refinery capacity from 650,000 barrels per day (bpd) to 1.4 million bpd.
IPMAN National President, Chief Dr. Kolawole Adewoyin, in a press statement, described the planned expansion as a positive and strategic development that will significantly ease the persistent petroleum scarcity experienced across Nigeria.
“The doubling of refinery capacity is a welcome move that will strengthen domestic petroleum supply, reduce dependence on imports, and stabilize fuel prices for Nigerians,” Adewoyin said.
He emphasized that the expansion would enhance the country’s energy security, create jobs, and contribute to economic growth through increased local refining capabilities.
“I believe it will be a catalyst for significant improvements in the downstream sector by increasing supply and addressing the logistical challenges that have long hindered our petroleum market.”
Adewoyin further highlighted that Dangote’s expansion plan is poised to strengthen the Nigerian Naira by reducing the nation’s reliance on imported petroleum products.
“This increased local refining capacity will help conserve foreign exchange reserves, improve forex availability, and stabilize the currency.”
He noted that a stronger Naira and better forex liquidity would have a positive ripple effect on Nigeria’s broader economy, fostering investment and supporting sustainable growth.