Speaking with journalists in Abuja on Friday, the Deputy Spokesman of the House, Philip Agbese, said the partnership represents a significant shift in Nigeria’s energy reform agenda — moving from a model dominated by state control to one anchored on structured public-private collaboration.
According to him, NNPC’s minority stake ensures that Nigerians retain a direct interest in the performance and governance of one of Africa’s largest industrial facilities.
“When the national oil company retains a 7.25 per cent stake in a strategic asset of this magnitude, it ensures that national interest is embedded in its success,” Agbese said, adding that the arrangement reflects deliberate policy alignment between government and private capital.
Strengthening Energy Security
For decades, Nigeria has faced the contradiction of being one of the world’s major crude oil producers while depending heavily on imported refined petroleum products due to underperforming state-owned refineries.
The operationalisation of the 650,000 barrels-per-day Dangote refinery, located in the Lekki Free Zone, is widely regarded as a turning point. Designed to refine large volumes of crude domestically, the facility is expected to reduce import dependency, enhance energy security and improve foreign exchange stability.
Agbese noted that the refinery’s scale and operational progress signal renewed industrial capacity, restoring confidence in Nigeria’s ability to execute large-scale projects.
Beyond Fuel: Expanding the Value Chain
The lawmaker emphasised that the refinery’s integrated petrochemical components demonstrate a broader economic vision beyond fuel production. Among these is a planned 400,000-metric-tonne Linear Alkyl Benzene (LAB) facility, which would supply raw materials for detergents, plastics and other manufacturing inputs currently sourced from abroad.
He argued that developing such downstream capacity could reduce foreign exchange pressures while strengthening domestic manufacturing and value addition.
“A 400,000 metric tonne petrochemical expansion tells us this is not simply about producing fuel. It is about exploring the full value chain,” Agbese said, stressing the need for coordinated development across upstream oil production, gas resources, refining and petrochemicals.
Legislative Backing for Reform
Agbese also commended NNPC’s Group Chief Executive Officer, Bayo Ojulari, for aligning with the economic restructuring vision of Bola Tinubu, particularly in promoting private sector participation and industrial growth.
He assured Nigerians that the House would continue to provide legislative oversight and policy support to ensure transparency, regulatory discipline and measurable outcomes within the energy sector.
“Nigeria cannot afford fragmented progress. We need structured collaboration backed by accountability and clear deliverables,” he said.
The House, he added, remains committed to supporting reforms that not only aim for ambitious transformation but also embed accountability in execution — positioning strategic partnerships like the Dangote-NNPC collaboration as central pillars of Nigeria’s economic renewal.