NOGASA to FG, banks: Support Dangote with funding on refinery

The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) have called on the federal government and the banking sector to support Dangote Group with the needed funds to complete the refinery.

According to global credit rating agency, Fitch Ratings, the management of the Group is said to be searching for about $1.1 billion to complete the facility.

In a communiqué read by its President, Bennet Korie, after its National Executive Council meeting in Abuja, the Association said the gesture will go a long way to not only ease the scarcity of petroleum products in Nigeria; it would also save the country the much needed foreign exchange.

Korie noted that while it is not a call for the government to fund private business, it is a temporary solution that would be a win-win for all the parties involved.

Experts have opined that the completion of Dangote refinery will ease the pressure on petroleum product supply in Nigeria and reduce the worsening fuel scarcity in some parts of the country.

Korie noted that with the way things were going, the Association would pay a courtesy visit to President Muhammadu Buhari to outline some of the issues and the way forward.

In its resolutions, NOGASA agreed to liaise with the National Assembly on the need to enact a Bill for the establishment of an energy bank for easy transaction in petroleum products in the oil and gas sector.

The NOGASA helmsman said the Association through its business arm should be given all necessary assistance by CBN to import AGO and other products into the country at competitive price saying it would ameliorate the suffering presently being experienced by Nigerians.

“The association appeals to FIRS to ensure that suppliers are given a tax relief to avert multiple taxation and refund where necessary. The association appealed to FIRS to use their discretion to apply relief on petroleum products.

“The Association urged MNDPR to use NOGASA as the umbrella body oil and gas association in Nigeria. Thereby using the association to collaborate in licensing petroleum product in Nigeria

“Government should encourage establishment of modular and private refineries e.g. Dangote, Watersmith,” the NEC of the oil suppliers resolved.