He emphasized that the real issue lies in the impending disruption of the established petroleum sector by Dangote, who is poised to challenge the status quo dominated by importers. He explained that the existing sector is heavily influenced by numerous importers who supply petroleum products to Nigeria. He analysed that Dangote's initiative to establish a large-scale refinery is seen as a threat to these importers, who appear to be resisting his entry into the market. He further pointed out that this resistance is a sign of the impending shake-up in the industry, as Dangote's refinery, with a capacity of 650,000 barrels per day, aims to significantly alter the market dynamics.
He said in an interview with Channels TV, ''We have heard statement from the CEO of the NMPDRA this week talking about the fact that the quality of Dangote's product is inferior compared to that of the ones that have been imported in. So think about this for a split of second. Here we have people who are struggling to get one liter of petrol which is extremely expensive. People can't get Petrol and Diesel at cheaper prices and you are talking about Dangote's quality. The reality of it here is that there is a situation where an investor is coming to disrupt an incumbent sector.
This incumbent sector is driven by a lots of importers, people who bring petroleum products into Nigeria. He's coming to set a refinery to disrupt that. And what we are seeing frankly is a fight from these importers to try to lock him out. The reality is that once the 650,000 barrel capacity plant is up and running, the price of PMS and Diesel will crash. And secondly, our foreign exchange will decrease ultimately and the foreign exchange rate will see a move.''
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