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2023 was in many respects a defining year for the Energy sector in Nigeria. The newly elected Bola Ahmed Tinubu-led government (Federal Government) wasted no time in declaring the era of petroleum subsidy in Nigeria over. The long-standing subsidy on the sale and distribution of Premium Motor Spirit (PMS) was officially removed as the financial cost of subsidy became unsustainable for the Federal Government.
2023 was in many respects a defining year for the Energy sector in Nigeria. The newly elected Bola Ahmed Tinubu-led government (Federal Government) wasted no time in declaring the era of petroleum subsidy in Nigeria over. The long-standing subsidy on the sale and distribution of Premium Motor Spirit (PMS) was officially removed as the financial cost of subsidy became unsustainable for the Federal Government.
On a positive note, the much-anticipated Dangote Refinery (the Refinery) located in Ibeju-Lekki was officially commissioned in May 2023. The Refinery is a 650,000 barrels per day (BPD) integrated refinery in the Lekki Free Zone. It is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility. The Refinery is expected to meet 100% of Nigeria’s domestic requirement for refined products and have a surplus of each of these products for export. The Refinery has since commenced production of diesel and aviation fuel as it prepares to start producing PMS.
Important Notice: The information contained in this Article is intended for general information purposes only and does not create a lawyer-client relationship. It is not intended as legal advice from Jackson, Etti, & Edu (JEE) or the individual author(s), nor intended as a substitute for legal advice on any specific subject matter. Detailed legal counsel should be sought prior to undertaking any legal matter. The information contained in this Article is current to the last update and may change. Last Update: October 1, 2024.
