Susan Abayomi
Accord Party presidential candidate, Gbenga Olawepo-Hashim, has pledged to support the Dangote Refinery and other qualifying Nigerian refineries with access to locally produced crude at a strategic domestic price if elected in 2027.
Hashim said the proposed policy would form part of his administration’s broader “Energy First” strategy, which he said would focus on expanding domestic refining, increasing crude oil production and reducing the cost of energy in Nigeria.
He made the remarks in Ilorin, Kwara State, during a Diaspora Dialogue on fuel subsidy and the politics of 2027.
According to Hashim, Nigerian refineries should not be required to compete for domestic crude under the same international pricing conditions as foreign buyers.
He argued that giving local refineries access to crude at a strategic domestic price would enable them to produce petroleum products more competitively and strengthen Nigeria’s position in the African energy market.
Hashim stressed that the proposed arrangement would not be designed exclusively for the Dangote Refinery, saying other existing and new refineries that meet specified efficiency, transparency and performance standards would also be eligible.
He said the objective was to develop multiple Nigerian energy companies capable of competing in international markets rather than creating a protected monopoly.
The Accord candidate also proposed using direct government investment and strategic joint ventures to increase Nigeria’s refining capacity by an additional one million barrels per day within three years.
He said the long-term objective was to make Nigeria a major refining and petrochemical hub in Africa, rather than remaining primarily a crude oil exporter.
On crude production, Hashim said his administration would seek to recover about 3,000 commercially viable shut-in and non-producing oil wells, with the aim of raising national crude production towards four million barrels per day within 24 months.
He argued that increased crude production should be channelled into domestic industrial development rather than simply increasing exports.
Hashim also reiterated his proposal for petrol to sell at about N605 per litre under an Accord Party government.
He described the N605 figure as a starting point rather than the final target, saying lower energy prices would be pursued through increased production, expanded domestic refining, improved efficiency and reduced logistics costs rather than permanent government subsidies.
He said the longer-term objective would be to bring petrol prices down further as domestic refining capacity and crude production increase.
Hashim said his proposed Energy First policy would also extend beyond petrol to include diesel, aviation fuel, lubricants, petrochemicals, fertiliser feedstock and other products derived from crude oil and natural gas.
He maintained that developing an integrated domestic energy industry would create jobs, strengthen Nigerian businesses and enable the country to capture more value from its natural resources.
Hashim said the emergence of the Dangote Refinery demonstrated the capacity of Nigerian private capital to undertake large-scale industrial projects, adding that government policy should provide the infrastructure, regulatory certainty and access to resources needed for Nigerian energy companies to compete globally.
The candidate’s proposals come amid an ongoing debate among presidential contenders over petrol pricing, domestic refining and the future of fuel subsidies ahead of the 2027 general election.
