Business & Finance

Lai Mohammed Reveals: How Dangote Will End Fuel Scarcity

Lai Mohammed
Speaking when he visited Rutam House, headquarters of the Guardian Newspapers in Lagos, the Minister of Information and culture, Lai Mohammed, said the problem of fuel scarcity will become a thing of the past in the country once the petroleum refinery being built by Aliko Dangote, the richest man in Africa, comes on board.
The billionaire mogul’s Dangote Group Refinery, which is targeting 650,000 barrels per day, will become operational by 2018.
Lai Mohammed said in addition to preparing existing refineries for optimal usage, government would license new investors to bring in modular refineries that would be sited close to the existing ones for access to crude.
He identified diversion of petroleum products to neighbouring countries as one of the major reasons for the ongoing scarcity of petrol.
The minister said when the current administration ended the “corrupt subsidy regime”, the independent marketers demanded for their outstanding payments before they could resume importation.
Mohammed said after government had paid the marketers over N594 billion subsidy arrears, they reneged on their promise to be importing fuel, leaving the task for the Nigerian National Petroleum Corporation (NNPC) alone.

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