Dr Gbenga Hashim, the Accord Party Presidential candidate, has stated that his administration will support Nigerian refineries, including the Dangote Refinery, to access Nigerian crude at a strategic domestic price. This move aims to give them a cost advantage to compete aggressively in the sub-regional markets and transform Nigeria into a global energy power. Hashim made this declaration during the Diaspora Dialogue in Ilorin, Kwara State.
Hashim criticized Nigeria's current approach to crude oil, stating that the country has spent decades exporting crude and buying back the value created from it. He emphasized 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's Energy First policy seeks to reverse this equation by utilizing Nigerian crude as the foundation for industrial growth.
Under Hashim's policy, Dangote Refinery and other qualifying Nigerian refineries will access Nigerian crude at a strategic domestic pricing framework rather than being treated as foreign buyers competing for an internationally-traded commodity. This approach will enable them to produce competitively, expand aggressively, and conquer international markets, starting with the African region. Hashim stressed that this policy is not a Dangote subsidy but a Nigerian industrial strategy.
Hashim's administration plans to expand Nigeria's domestic refining capacity by an additional one million barrels per day within three years through direct government investment and strategic joint ventures. The objective is to establish Nigeria as Africa's leading refining and petrochemical hub. Hashim aims to move beyond self-sufficiency in refined petroleum products to making Nigerian energy companies compete and win globally.
Hashim proposed recovering approximately 3,000 shut-in and non-producing wells and raising national crude production towards 4 million barrels per day within 24 months of an Accord Party administration. He emphasized that the additional barrels must not simply become additional exports but be used to power Nigerian industry. Hashim also doubled down on his proposed ₦605 per litre petrol price, stating that it is a starting point in a transition from subsidizing consumption to building productive capacity.
Hashim's long-term objective is to bring petrol prices down towards ₦200–₦300 per litre as crude production rises, domestic refining expands, efficiency improves, and logistics costs fall. He emphasized that cheaper energy will come from producing more, refining more, wasting less, and capturing more value within Nigeria. Hashim envisions an integrated energy industrial ecosystem around Nigerian crude and gas, supported by pipelines, ports, storage, electricity, transportation, security, and predictable regulation.
According to Hashim, the emergence of the Dangote Refinery has demonstrated that Nigerian capital can operate at a global scale. He expressed his desire to make Nigerian energy companies less dependent on Nigeria's limitations and instead shape the global energy market. Hashim's vision is to create an army of Nigerian energy champions that will compete and win globally.
Key points
- Accord Party Presidential candidate, Dr Gbenga Hashim, plans to support Nigerian refineries to access crude at a strategic domestic price.
- Hashim aims to expand Nigeria's domestic refining capacity by an additional one million barrels per day within three years.
- He proposes ₦605 per litre petrol price as a starting point in a transition from subsidizing consumption to building productive capacity.
