According to a report by Channels Television on Thursday, March 12, 2026, Nigeria’s Minister of Finance, Wale Edun, has urged Nigerians to appreciate the country’s growing ability to refine petroleum products locally, noting that the development is helping the nation withstand global economic shocks.
Speaking during an interview on Politics Today on Channels Television, Edun said the recent fluctuations in fuel prices reflect prevailing market dynamics rather than government policy alone.
According to the minister, the fuel pricing mechanism introduced under President Bola Ahmed Tinubu ensures that petroleum prices respond to supply and demand forces in the global market.
He explained that Nigeria is beginning to benefit from private sector investment in refining, particularly the operations of the Dangote Refinery.
“The resilience that the Nigerian economy has is coming largely from the fact that we do have that investment by the private sector,” Edun said, referring to the refinery built by industrialist Aliko Dangote.
The facility, which has a refining capacity of about 650,000 barrels per day, began producing diesel and aviation fuel in early 2024 before expanding to petrol production later that year.
Edun noted that the refinery had previously reduced petrol prices from about ₦1,200 per litre to just above ₦1,000 due to market competition and supply adjustments.
However, he acknowledged that global developments such as the prolonged Russo-Ukrainian War and rising tensions in the Middle East continue to influence petroleum prices worldwide.
Despite these challenges, the minister maintained that Nigeria’s economy is gradually becoming more resilient due to ongoing reforms and investments in local refining capacity…..See More
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