Accord Party presidential candidate, Dr. Gbenga Hashim, has stated that under an Accord Party administration, Nigerian refineries will have access to Nigerian crude at a strategic domestic price. This will 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 believes 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 aims to reverse this equation by using Nigerian crude to power Nigerian industry.
Under Hashim's plan, Dangote Refinery and other qualifying Nigerian refineries will access Nigerian crude under a strategic domestic pricing framework. This will allow them to produce competitively, expand aggressively, and conquer international markets, starting with the African region. Hashim stressed that the policy will not favor any single company but will benefit all Nigerian refineries that meet the required efficiency, transparency, and performance standards.
Hashim also promised to deliver cheaper petrol to Nigerians. He proposed a petrol price of N605 per liter, which he sees as a starting point in a transition from subsidizing consumption to building productive capacity. Hashim aims to bring petrol prices down to N200-N300 per liter as crude production rises, domestic refining expands, efficiency improves, and logistics costs fall.
An Accord Party government will 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. The objective is to establish Nigeria as Africa's leading refining and petrochemical hub. Hashim wants Nigerian refineries to supply Africa and compete globally with the world's biggest energy companies.
Hashim's Energy First policy also involves recovering approximately 3,000 shut-in and non-producing wells and raising national crude production towards four million barrels per day within 24 months. He wants to use the additional barrels to power Nigerian industry, not simply export them. Hashim's plan involves building an integrated energy industrial ecosystem around Nigerian crude and gas.
The ecosystem will be supported by pipelines, ports, storage, electricity, transportation, security, and predictable regulation. Hashim believes that with the right policies, Nigerian energy companies can compete and win globally. He pointed out that the emergence of the Dangote Refinery has demonstrated that Nigerian capital can operate at a global scale.
Key points
- Accord Party presidential candidate Dr. Gbenga Hashim promises to support Nigerian refineries.
- Hashim's Energy First policy aims to transform Nigeria into a global energy power.
- The policy will allow Nigerian refineries to access crude at a strategic domestic price.
