2027: My government will create 20 Dangotes in four years — Adebayo
By Adegboyega Adeleye
The Social Democratic Party’s presidential candidate for the 2027 election, Prince Adewole Adebayo, has pledged to create an economic environment conducive to establishing multiple large-scale refineries, asserting that his administration could facilitate the creation of “20 Dangotes” within four years.
Adebayo articulated this ambition during a recent interview with Nigeria Info’s Road to 2027 program, where he discussed strategies to reduce petrol prices while encouraging private sector investment in refineries.
“Our government will create even 20 Dangotes for exports,” Adebayo said, emphasizing that Nigeria’s geographical advantages, including its coastal refineries, could be leveraged to boost exports and generate foreign exchange.
He outlined plans to implement long-term tax incentives for refineries and establish regulatory stability, proposing a 90-day payment period for government-supplied crude oil. “When I sell crude to you, I give you 90 days to pay. That is twice your throughput. You will have refined the crude, shipped it overseas, collected the dollar, then you pay me,” he explained.
Adebayo emphasized that refineries focusing on exports would contribute to Nigeria’s foreign exchange earnings, while assuring that domestic consumers would not face inflated prices. “If your refinery is for the international market, I will support you domestically, but you will be exporting and earning foreign exchange for us,” he said, adding, “But you are not going to sell petrol at international prices to a teacher who does not earn an international salary.”
He also addressed the operation of Nigeria’s four government-owned refineries, stating that they would be functional and that private refineries would have access to domestic crude at no cost to serve the local market.
“So, what we are saying is that for our own domestic markets, we have our own four refineries; they are going to work. Secondly, if you, a private refinery, want to participate, we will give you the crude at zero cost because it is domestic crude,” Adebayo concluded.
