Why NNPC Reduced Its Position in Dangote Refinery
We have the explanations from NNPC: “The reason for reducing our stake in Dangote refinery is because we wanted to invest in CNG. We observed that CNG is very cheap and all over the world, people are investing in clean and cheaper alternative energy,...If Nigerians use CNG, it will be cost-effective for them. That is why the NNPC is building different CNG stations everywhere. We understand that with N10,000, Nigerians can fill their cars and use it for two weeks.” - NNPC.
This is a double whammy for Dangote Refinery now. First, it has to find the resources to get this company going with the associated crude oil feedstock. And the key part: its products have to win over CNG in the mid-term in its core market.
Nigeria, Dangote, good luck. My role is just to watch as a common village teacher.
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