Oil & Gas Service Providers Back Dangote Refinery, Highlight Role In FX Market Stability

The Oil and Gas Service Providers Association of Nigeria (OGSPAN) has reinforced its support for the Dangote Refinery, underscoring its role in stabilising Nigeria’s foreign exchange market and advancing its economic independence.

The group, which paid a courtesy visit to the group vice president, Oil and Gas, Dangote Refinery, Engr. Devakumar Edwin, at the Dangote Refinery complex on Thursday, commended the refinery for its successful commencement of operations—a development he described as a landmark achievement for Nigeria’s oil and gas sector.

The president of OGSPAN, Comrade Mazi Colman Obasi, said the refinery was a testament to Nigeria’s ambition to achieve energy self-sufficiency and reduce the nation’s vulnerability to global oil market fluctuations.

Comrade Obasi emphasised that OGSPAN is fully committed to partnering with Dangote Refinery in coordinated advocacy and public enlightenment campaigns to educate Nigerians about the numerous benefits of local refining. He highlighted the refinery’s impact beyond energy supply, noting its catalysing effect on national economic growth, industrialisation, job creation, and foreign exchange stability.

He warned against disruptive forces within the oil and gas value chain, cautioning that OGSPAN will not condone any attempts by individuals or pseudo-union groups to undermine the refinery’s operations, which he hailed as a symbol of national pride and industrial revolution.

Responding to OGSPAN’s supportive stance, Engr. Edwin expressed deep appreciation and highlighted the refinery’s critical role in alleviating foreign exchange pressures. Drawing on his extensive 35-year experience in Nigeria’s oil and gas industry, he remarked that such a drastic reduction in exchange rate volatility was unprecedented. “For the first time in my career, I am witnessing a significant easing of forex market pressures, largely due to the sharp reduction in the importation of petroleum products,” he stated.

However, Engr. Edwin lamented that despite these clear benefits, there remain segments within the industry that advocate for a return to import dependency, which he views as detrimental to Nigeria’s economic progress.

He further expressed the refinery’s readiness to collaborate strategically with OGSPAN on advocacy initiatives, public sensitisation, and stakeholder engagement. This collaboration aims to deepen public understanding of the refinery’s contributions to Nigeria’s economic transformation and to counter misinformation propagated by detractors who seek to destabilise the sector.

The meeting concluded with a mutual agreement to intensify cooperation between OGSPAN and Dangote Refinery. Both parties are committed to promoting transparency, professionalism, and indigenous content development within Nigeria’s oil and gas ecosystem, thereby strengthening the foundation for sustained industrial growth and national prosperity. This expanded news story captures the essence of OGSPAN’s endorsement of Dangote Refinery’s operations and its critical role in stabilising Nigeria’s foreign exchange market, while reflecting the key points raised during the discussion.