Presidential candidate of the Social Democratic Party (SDP), Adewole Adebayo, has promised to offer long-term tax incentives and flexible crude payment terms to refinery operators as part of plans to expand Nigeria’s refining capacity and boost exports if elected president in 2027.
Adebayo said his administration would create up to 20 industrialists the size of Africa’s richest man, Aliko Dangote, within four years by providing an enabling environment for refineries and export-oriented businesses.
He made the promise during an interview on Nigeria Info’s Road to 2027 programme, where he outlined his plans to reduce petrol prices while encouraging private sector investment in the refining industry.
“Our government in four years will create even 20 Dangotes for exports; that is why God gave Nigeria a refinery by the water side,” he said.
The SDP candidate said refinery operators would enjoy long-term tax rebates, regulatory certainty and up to 90 days to pay for crude supplied by the government.
He explained that the arrangement would allow operators to refine crude, export petroleum products, earn foreign exchange and subsequently pay for the crude supplied.
“When I sell crude to you, I give you 90 days to pay. That is twice your throughput. You will have refined the crude, ship it overseas, collect the dollar, then you pay me,” Adebayo said.
He also promised to protect Nigerian consumers from paying international market prices for petrol, arguing that domestic fuel prices should reflect the earnings of local consumers.
“If your refinery is for the international market, I will support you domestically, but you will be exporting and earning foreign exchange for us,” he said.
“But you are not going to sell petrol at international prices to a teacher who does not earn an international salary.”
Adebayo further pledged to revive Nigeria’s four government-owned refineries, adding that private operators interested in supplying the domestic market would receive locally produced crude under a separate arrangement.
He said the proposed policies would balance domestic fuel affordability with the need to attract investment and expand Nigeria’s petroleum exports.
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