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- A renowned economist has praised Dangote Petroleum Refinery's inaugural to deploy 4,000 CNG-powered trucks for nationwide substance distribution
- The programme volition supply nonstop substance proviso to stations, benefiting implicit 42 cardinal MSMEs, reducing vigor costs, and creating 15,000 caller jobs
- The adept dismissed concerns astir a imaginable monopoly, emphasizing the initiative’s absorption connected overcoming manufacture inefficiencies
Legit.ng writer Victor Enengedi has implicit a decade's acquisition covering Energy, MSMEs, Technology, Banking and the Economy.
Bismarck Rewane, CEO of Financial Derivatives Company, has highlighted that the company's latest inaugural aimed astatine escaped organisation volition little accumulation costs, trim inflationary pressures, and beforehand economical growth.
This follows Dangote Petroleum Refinery's recent investment of implicit N720 cardinal to motorboat an ambitious program of deploying 4,000 Compressed Natural Gas (CNG)-powered trucks for the nationwide organisation of petroleum products, expected to prevention Nigerians much than N1.7 trillion each year.
Source: UGC
The inaugural has received wide praise from energy experts, immoderate of whom person called it 1 of the astir important developments successful the assemblage since Nigeria's independence.
Rewane said that Dangote is bypassing middlemen, who are seen arsenic parasitic, by straight managing organisation and offering recognition facilities to retailers.
He said:
“What Dangote is doing achieves 2 cardinal objectives: delivering products crossed the full state astatine a azygous terms by eliminating bridging costs and importantly reducing logistics expenses done the usage of CNG-powered trucks to scope each country of the nation."Rewane, however, downplayed concerns implicit the refinery perchance dominating the market, pointing retired that inefficiencies successful the industry person been a long-standing issue.
Impact of Dangote's CNG project
Starting from August 15, Dangote volition straight proviso petrol and diesel to filling stations, concern facilities, and ample consumers.
This bold measurement volition spot the privately owned refinery absorbing much than N1.07 trillion successful yearly substance organisation costs.
The inaugural is acceptable to importantly payment implicit 42 cardinal Micro, Small, and Medium Enterprises (MSMEs) by reducing vigor expenses and boosting profitability.
The task is besides expected to revitalize dormant filling stations, generating employment opportunities.
An estimated 15,000 nonstop jobs volition beryllium created crossed the logistics sector, including roles for drivers, presumption managers, and attendants astatine CNG stations.
In its statement, the institution had said the inaugural is simply a cardinal constituent of Dangote’s wider dedication to overcoming logistics challenges, improving vigor efficiency, fostering biology sustainability, and contributing to Nigeria’s economical growth.
Source: UGC
FG issues further refinery licenses
In related news, the Nigerian authorities issued 47 Licenses to Establish (LTE) and 30 Licenses to Construct (LTC) refineries implicit the past year.
This initiative, arsenic reported by Legit.ng, is aimed astatine boosting the country's refining capableness and ensuring a accordant proviso of petroleum products.
Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), stated that these 47 licenses are projected to present a combined refining capableness of astir 3 cardinal barrels per day.
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Source: Legit.ng
