By Adegboyega Adeleye
The Social Democratic Party (SDP) presidential candidate, Prince Adewole Adebayo, has promised that, if elected to office in 2027, his government would create “even 20 Dangotes” in four years by supporting refineries and boosting exports.
Adebayo made the pledge during a recent interview on Nigeria Info’s Road to 2027 programme, while outlining how he would lower petrol prices without undermining private refinery investment.
“Our government in four years will create even 20 Dangotes for exports; that is why God gave Nigeria a refinery by the water side,” he said, explaining that his plan would support refineries that export products and earn foreign exchange for Nigeria.
He also said his administration would offer refineries long-term tax rebates and regulatory certainty, and give them 90 days to pay 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, ship it overseas, collect the dollar, then you pay me,” he said.
Adebayo added that refineries exporting their products would earn foreign exchange for Nigeria, while the government would ensure domestic consumers were not charged international 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. “But you are not going to sell petrol at international prices to a teacher who does not earn an international salary.”
He also said Nigeria’s four government-owned refineries would operate and that private refineries could receive domestic crude 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,” he added.
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