CPPE Defends Dangote Refinery Against Monopoly Claims

The Centre for the Promotion of Private Enterprise (CPPE), under the leadership of Dr. Muda Yusuf, has defended the Dangote refinery in response to allegations of monopolistic practices.

Yusuf emphasized that Nigeria should prioritize policies that support domestic refining investments instead of encouraging increased fuel imports. He argued that the country's heavy reliance on fuel imports has created significant structural distortions within the economy, weakened the naira, intensified foreign exchange pressures, and contributed to fiscal imbalances due to the fuel subsidy regime.

Yusuf stated that the portrayal of the Dangote refinery as a monopolist is fundamentally flawed and unfair, as it does not prevent other investors from entering the sector. He highlighted that the refinery has made extraordinary investments in the industry, which is unprecedented in Africa.

The CPPE advocates for a regulatory environment that encourages domestic investment in refining to enhance the competitiveness of Nigeria's downstream sector and reduce dependence on imports.