Accord presidential candidate, Dr Gbenga Hashim, has declared that under his party’s administration, Nigerian refineries would have access to Nigerian crude at a strategic domestic price. This move aims to give them a cost advantage to compete aggressively in sub-regional markets and transform Nigeria into a global energy power. Hashim made this declaration during the Diaspora Dialogue in Ilorin, Kwara state.
Hashim spoke against the backdrop of rising petrol prices and growing pressure on global energy markets. He stated that Nigeria’s greatest economic mistake has been treating crude oil primarily as an export commodity instead of using it as the foundation of national industrial power. Hashim emphasized that Nigeria has spent decades giving the world its crude and buying back the value created from it.
Hashim’s energy policy, dubbed “Energy First,” seeks to reverse this equation by using crude oil as the foundation of national industrial power. He stressed that refineries and petrochemical industries are a core part of Nigeria’s immediate industrialization strategy, aiming to make the country the world’s most reliable energy source. Dangote Refinery and other qualifying Nigerian refineries will access Nigerian crude under a strategic domestic pricing framework.
Under this framework, Nigerian refineries will buy crude at a strategic local price, not international crude economics, allowing them to produce competitively, expand aggressively, and conquer international markets. Hashim clarified that this policy is not a Dangote subsidy but a Nigerian industrial strategy. The policy will benefit Dangote, other existing refineries, and new refineries that meet required efficiency, transparency, and performance standards.
Hashim’s plan is to create an army of Nigerian energy champions, not a single protected champion. An Accord party government will also use direct government investment and strategic joint ventures to expand Nigeria’s domestic refining capacity by an additional one million barrels per day within three years. This expansion aims to establish Nigeria as Africa’s leading refining and petrochemical hub.
Hashim’s objective is not simply to produce more petrol but to make Nigeria a global energy power. He proposed a ₦605 per litre petrol price, which he sees as a starting point in a transition from subsidizing consumption to building productive capacity. The long-term objective is to bring petrol prices down towards ₦200–₦300 per litre as crude production rises, domestic refining expands, and efficiency improves.
An energy-first government, according to Hashim, will build an integrated energy industrial ecosystem around Nigerian crude and gas, supported by pipelines, ports, storage, electricity, transportation, security, and predictable regulation. The emergence of the Dangote Refinery has demonstrated that Nigerian capital can operate at a global scale, and Hashim’s ultimate objective is to change Nigeria’s position in the global energy economy.
Key points
- Accord presidential candidate, Dr Gbenga Hashim, promises to support Nigerian refineries to access Nigerian crude at a strategic domestic price.
- Hashim aims to establish Nigeria as Africa’s leading refining and petrochemical hub.
- The proposed ₦605 per litre petrol price is a starting point in a transition from subsidizing consumption to building productive capacity.
