President Bola Ahmed Tinubu has expressed confidence in Nigeria’s potential for achieving energy security while emphasizing the importance of supporting Aliko Dangote’s ambitious 650,000 barrels per day refinery.

During a recent visit by the Implementation Committee on Naira-based sales of crude oil and refined products to the Aso Villa, Tinubu outlined his vision for a sustainable oil and gas sector in Nigeria.

In a statement released by his spokesperson, Bayo Onanuga, the president highlighted the need for solutions that steer clear of the challenges Nigeria has faced in the past four decades.

He stressed that the new Naira-for-crude deal must not revert the country to previous issues experienced during the era of petrol subsidies.

Tinubu stated, “Whatever solution we proffer in crude oil and refined products sales in Naira should not take us back to our experience in the last 40 years.”

His remarks express a commitment to avoiding past mistakes while ensuring that the oil sector operates efficiently and sustainably.

The president acknowledged that while there may be necessary adjustments in costs and revenues within the oil sector, the government will not return to outdated practices.

He emphasized the importance of creating a predictable environment for investment in the energy sector.

“We can have energy security, and the motivation for Alhaji Aliko Dangote will not be defeated,” he asserted, pointing out that a stable environment is essential for the long-term success of investments in the country’s energy landscape.

Market forces, according to Tinubu, must play a central role in determining the dynamics of the oil and gas sector. He stated,

“The market must determine what we are doing. Once you allow the market to determine the profit and loss, independent marketers and the government can meet on the worksheet.”

In the same forum, Aliko Dangote shared his concerns regarding the performance of his refinery, which began supplying petrol on September 15, 2024. He revealed that the facility is currently operating at a loss, primarily due to petrol retailers overlooking the availability of over 500 million litres of fuel produced by the refinery.

The Nigerian government initiated the Naira-for-crude deal with Dangote Refinery on October 1, 2024, aiming to create a more stable and efficient market for crude oil sales.

However, despite this initiative, many Nigerians continue to struggle with high fuel prices, which have soared to over N1,030 per litre across NNPCL retail outlets.