'Nothing changes' - Tonye Cole speaks on N600 per liter fuel as Dangote refinery sets date for first production

As Dangote refinery prepares to commence production by the end of July or August, many Nigerians are anxious to know how the project would impact fuel price.

The former Group Executive Director of Sahara Group, Tonye Cole, has explained why Nigerians should not expect a cheaper pump price when Dangote refineries begin full production.

He also stressed that even if Kaduna, Warri, and Port Harcourt refineries are operating, it will not reduce fuel pump prices in the country.

Speaking on ChannelsTV on Wednesday, July 19, Cole noted that the refineries will have little impact on pump prices because each time they need maintenance, some parts will be imported due to Nigeria's heavy dependence on imports.

His words: “If we do not deal with productivity, nothing changes. We do not talk about productivity and that is what we need to talk about.

“What is happening in our manufacturing sector, and how are we providing services that will keep our refineries going?

“If Dangote has to rely on importation at the dollar price that we have today to make sure that his refinery continues to run, the price of fuel will not come down, there is no hope it will happen.”

Solutions to cheaper fuel in Nigeria

Cole who is the governorship candidate in Rivers state under the All-Progressives Congress (APC) stressed that for Nigerians to enjoy cheaper fuel, one of the first actions is to make the country productive.

According to him, when there is less forex demand driven by import culture the country will begin to advance.

He said: “It is important to ask the question: what is putting pressure on foreign exchange in Nigeria?

"The forex pressure is because we import almost everything in the country, including the things we can manufacture here.”

Cole, therefore, called on the Nigerian government to invest heavily in creating manufacturing bases in places like Kaduna, Kano, and Aba to ease the pressure for importation.