Nigerian President Obasanjo has criticized the Dangote Group for allegedly making efforts to frustrate the $20bn refinery, which has yet to purchase crude oil in Nigeria. The group’s president, Alhaji Aliko Dangote, stated that the refinery should encourage both Nigerians and non-Nigerians to invest in Nigeria. The Dangote Group has accused international oil companies of frustrating the refinery by refusing to sell crude or selling it at a premium up to $4 above the normal price. They also accused the Nigerian Midstream and Downstream Regulatory Authority of deliberately granting licenses to individuals to import dirty fuel.

The NMDPRA Chief Executive, Farouk Ahmed, stated that the country would not stop fuel importation to avoid a monopoly by the Dangote Group. Obasanjo recalled how Nigeria made a deadly mistake by focusing on one basket of oil, ignoring gas and agriculture. He recalled how he persuaded Shell to run the country’s refineries but was refused due to corruption in the sector.

Obasanjo also condemned the style adopted by President Bola Tinubu to remove fuel subsidies, stating that the present administration should have considered the hardship the subsidy removal could cause people and how to ameliorate it. He stressed the need for investor confidence in Nigeria and the transition from a transactional economy to a transformational economy.

In conclusion, Obasanjo believes that Nigeria made a deadly mistake by focusing solely on oil and neglecting other sectors such as gas and agriculture.