Dangote Refinery last week withdrew its N100bn suit which it had filed at the Federal High Court, Abuja presided over by Justice Mohammed Umar, following the 15 per cent new tariff imposed on imported petroleum products by the Federal Government. Dangote had filed the suit after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMPRDA) issued permits for fuel importation last year.

The beneficiary firms included the Nigerian National Petroleum Company Limited (NNPCL), AYM Shafa Ltd, AA Rano Ltd, T. Time Petroleum Ltd, 2015 Petroleum Ltd and Matrix Petroleum Services Ltd. President Bola Tinubu obviously approved this measure to maintain a robust, diversified petroleum economy in line with the Petroleum Industry Act (PIA) and the overall interest of the nation. Dangote Refinery sued because it felt that the import permits could ruin its investment and those of other fledging domestic refiners.

Our petroleum industry regulators must never forget the nightmares that Nigerians had to endure for decades when we lost our domestic refining ability. The fuel scarcity, long lines and resorts to the black markets have become a story of the past since the past one year or so when Dangote Refinery and others restored indigenous self-sufficiency. Apart from Dangote, about 20 mix of conventional and modular refining plants are active or under construction.

Dangote has even pledged to morph its current 650,000 barrels per day capacity to 1.4 million within the next three years. The drive to make Nigeria the focal point of petroleum economy in Africa is gathering great force, and Nigeria will be the better for it. We fully support all efforts to protect our domestic petroleum refining sector. These plants are national assets we must assiduously treasure. But it does not mean that those who feel they can play useful roles through importation and operation of blending plants should be shut out altogether. Give everyone their space in the field of play.

What matters to Nigerians is not the specific interest of any player. We never want to “return to Egypt” – or go back to fuel scarcity, long queues and the oppressive antics of the fuel cabals. Diversification is best for all. It enhances healthy competition and efficiency, boosts local employment and skill development, improves energy security and supply stability. It also promotes economic diversification and revenue generation.

The more players we have in this sector, the faster we drive towards lowering the current astronomical cost of fuel in Nigeria. There is hardly any country that does not engage in the import of petroleum products, and these include those with some of the most sophisticated refining plants. Dangote supplies products to the USA, Singapore, Brazil and Saudi Arabia, despite the advanced refining capacity of these countries. While we protect our domestic refiners, the door must be open for other players.