The member representing Ideato North/South federal constituency of Imo State in the House of Representatives, Hon. Ikenga Ugochinyere, has called for increased government support for Nigeria Liquefied Natural Gas (NLNG) and the Dangote Refinery to solve Nigeria’s energy sector problems.
Ugochinyere, who’s the chairman of the House Committee on Petroleum Resources (Downstream), made the appeal at a recent Energy Retreat held in Abuja.
He emphasised that bolstering the key players was crucial to addressing Nigeria’s ongoing energy crisis.
Underscoring the importance of strategic government support for the projects, the lawmaker stated that as Nigeria grapples with its energy challenges, the successes of NLNG and the Dangote Refinery offer a promising path forward.
“NLNG and the Dangote Refinery are at the forefront of our nation’s energy sector. Their success is not just a testament to their operational excellence but also a beacon of hope for solving our energy challenges. The government must extend its full support to these entities to ensure their continued growth and contribution to our economy. NLNG has been a cornerstone of Nigeria’s energy landscape since its establishment in 1989. The company accounts for approximately 7% of the global LNG supply, having exported over 5,000 cargoes to diverse international markets. In 2022, NLNG generated an impressive revenue of around $10 billion, significantly bolstering Nigeria’s foreign exchange reserves.
“The Dangote Refinery, poised to become the world’s largest single-train refinery, represents a transformative force in Nigeria’s downstream sector. With a refining capacity of 650,000 barrels per day, the refinery is designed to meet Nigeria’s domestic fuel needs and reduce reliance on imported petroleum products. The project has attracted an investment of over $15 billion and is anticipated to save Nigeria up to $10 billion annually in foreign exchange. By providing the necessary backing, we can ensure the sustainability and growth of NLNG and the Dangote Refinery. This is not just about economic gains; it’s about securing our energy future and driving national development,” the lawmaker added.
