1st March, 2026
Philip Agbese, deputy spokesperson of the house of representatives, says the 7.25 percent equity stake held by the Nigerian National Petroleum Company Limited (NNPC) in the Dangote Petroleum Refinery & Petrochemicals will strengthen Nigeria’s energy security and deepen industrial growth.
Agbese spoke with journalists in Abuja on Friday, describing the collaboration between NNPC and the refinery as a strategic milestone in the country’s energy sector reforms.
“For decades, our national conversation was dominated by refining shortfalls and import dependency,” he said.
“Today, we are discussing a facility designed for 650,000 barrels per day that is already proving its operational strength. This will strengthen energy security and restore confidence in Nigeria’s industrial capability.”
He said NNPC’s equity participation ensures that national interest is embedded in the refinery’s success as it expands across refining and petrochemicals.
“When the national oil company retains a 7.25 percent stake in a strategic asset of this magnitude, it ensures that national interest is embedded in its success,” he said.
“This is how reform should function. Public institutions must not stand apart from transformative private investments. They must participate, supervise, and align for measurable outcomes.”
Agbese commended Bashir Bayo Ojulari, group chief executive officer of NNPC, for what he described as alignment with the economic vision of President Bola Tinubu.
“I commend Engr. Bashir Bayo Ojulari, the Group CEO of the NNPC, for demonstrating a clear understanding of the vision of President Bola Tinubu on economic restructuring, private sector participation, and industrial growth,” he said.
The lawmaker also pointed to the planned 400,000 metric tonne Linear Alkyl Benzene facility within the industrial complex as evidence of expansion into higher-value manufacturing.
“A 400,000 metric tonne petrochemical expansion tells us this is not simply about producing fuel,” he said.
“It is about exploring the full value chain, supplying raw materials for detergents, plastics, and manufacturing inputs that currently drain foreign exchange. These are the numbers that speak to serious industrial ambition.”
Agbese said coordinated collaboration across upstream production, gas supply, refining, and petrochemicals would reduce inefficiencies and strengthen domestic processing capacity.
“Energy reform must be integrated to be effective. When upstream resources, gas development, refining and petrochemical production operate in coordinated fashion, the economy benefits across agriculture, manufacturing and trade. That is how you stabilise markets and create durable growth,” he said.
He assured that the house of representatives would support policies promoting transparency, regulatory discipline, and performance-driven partnerships in the energy sector.
“Nigeria cannot afford fragmented progress. We need structured collaboration backed by accountability and clear deliverables,” he said.
“If this partnership is sustained with focus and integrity, it will stand as one of the most consequential pillars of our economic renewal.
“The House of Representatives will continue to stand firmly behind policies that entrench transparency, strengthen regulatory discipline, and promote performance-driven partnerships in the energy sector.
“I believe that reform must not only be ambitious in scope; it must be accountable in execution. We will provide the legislative backing necessary to ensure that strategic collaborations deliver measurable value and protect public interest.”
