NNPC Dangote refinery stake secures national interest and boosts energy reform, House of Representatives says in Abuja briefing

The Deputy Spokesman of the House of Representatives, Honourable Philip Agbese, on Friday said the 7.25 per cent equity held by the Nigerian National Petroleum Company Limited in the Dangote Petroleum Refinery and Petrochemicals safeguards national interest and strengthens public accountability within Nigeria’s evolving energy sector.

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Speaking with journalists in Abuja, Honourable Agbese described the NNPC Dangote refinery stake as a strategic turning point in Nigeria’s long-running efforts to reform petroleum refining and reduce dependence on imported fuel.

Honourable Agbese noted that the partnership reflects a deliberate transition from exclusive state ownership toward structured public-private collaboration capable of delivering measurable economic outcomes.

According to the lawmaker, Nigeria’s refining challenges had for decades defined national energy discourse despite the country’s status as a major crude oil producer.

The emergence of a 650,000 barrels-per-day refining facility, he said, represents a powerful shift toward energy self-sufficiency and renewed industrial confidence.

Honourable Agbese explained that the national oil company’s minority participation ensures Nigerians retain a direct institutional interest in the refinery’s performance rather than remaining passive beneficiaries of private investment.

The legislator commended the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr Bayo Ojulari, for aligning operational decisions with the economic restructuring vision of President Bola Ahmed Tinubu, particularly in expanding private sector participation in critical infrastructure.

Beyond fuel production, Honourable Agbese highlighted the refinery’s integrated petrochemical expansion, including a planned 400,000 metric tonne Linear Alkyl Benzene facility, which he said would support domestic manufacturing and reduce pressure on foreign exchange demand.

He stressed that sustainable reform within the petroleum industry must integrate upstream production, gas development, refining and petrochemical operations into a coordinated national framework capable of eliminating inefficiencies and deepening value addition.

Honourable Agbese further assured that the House of Representatives would continue providing legislative backing for policies promoting transparency, regulatory discipline and performance-driven partnerships across the energy sector.

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The lawmaker added that sustained collaboration between public institutions and private investors could become one of the most consequential pillars of Nigeria’s economic renewal if implemented with accountability and institutional integrity.