Economist Bismarck Rewane.
According to renowned economist Bismarck Rewane, it is nonsense for the nation to export crude under forward contracts while failing to supply the domestic company Dangote Refinery.
He stated that the Dangote Refinery will be able to import crude from Nigeria, refine it there, and export refined petroleum products to West African countries by securing its first cargo deal of roughly six million barrels.
The economist said, “It doesn’t make sense for Nigeria to be exporting crude on Forward Contract and not be able to refine its own product for its own citizens and for West and Central Africa, it doesn’t make sense.
“This refinery is likely to be listed in the Nigerian Stock Exchange 2024-2025. By listing this $19bn to $20bn investment, it increases market capitalization of the Nigerian Stock Market by 60 percent.
“Not only that, the Dangote Group itself pays taxes of over N146bn a year and pays dividends to share holders of N357bn a year.
“So, N146bn a year and N357bn a year taxes; It is not a capitalistic investment but it is democratising the process of shareholders just like when MTN was a private company.
“When MTN declares a dividend today, everybody in town is happy because its ownership is democratised. It is now considered to be Nigerian and that’s transformation. The same thing is happening for these kinds of companies which are dominant and leaders in all industries.”