By Ayomide Otitoju
President and Chief Executive Officer of Dangote Group, Aliko Dangote, has said that the four refineries owned by the Nigerian National Petroleum Corporation (NNPC) Limited would struggle to attract buyers if offered for sale, citing persistent regulatory and investment challenges in the downstream petroleum sector.
Dangote attributed the ongoing crisis in the sector to regulatory mismanagement under the previous administration, arguing that policy decisions at the time created an unfavourable environment for investment.
Speaking at a media briefing on Sunday in Lagos, Dangote criticised the appointment of individuals with trading backgrounds to regulatory roles, describing it as a fundamental mismatch that undermined effective oversight.
According to him, the regulatory approach discouraged both local and foreign investors, worsening the challenges facing the industry and increasing the cost to the country.
Dangote said the prevailing conditions make it unlikely that investors would commit capital to acquire or rehabilitate the state-owned refineries, even if they were put up for sale, because the operating environment remains unconducive.
Nigeria’s state-owned refineries in Port Harcourt, Warri and Kaduna, with a combined installed capacity of about 445,000 barrels per day, have long struggled with underperformance despite repeated funding for turnaround maintenance, leaving the country heavily dependent on fuel imports.
