 All right, welcome back to Business Insights to our discussion segments now. The Dangote refinery, the world's largest single-train refinery, was commissioned yesterday by President Buhari in Lagos. The refinery, which has a capacity of 650,000 barrels per day, is expected to meet 100 percent of Nigeria's demand for refined petroleum product and have a surplus for ragsport. The refinery is also expected to create thousands of jobs, boost fuel supplies across Africa, and generate foreign exchange earnings for Nigeria by exporting 40 percent of its product. It is part of a $20 billion complex that includes a fertilizer plant and a power station. The refinery is seen as a game changer for Nigeria's economy and the downstream petroleum product market in the entire African region. Joining me right now is Professor Chris Irene Imomolian, an educationist, a university professor, a serial entrepreneur, a business mogul, and a Nigerian politician. He is the founder of Gen Professional Training and Support International Limited, J-P-T-S, a unique foundation, and a presidential candidate on the platform of the Accord party. Many thanks for joining me, Professor Imomolian. Professor, can you hear me? If you can unmute your device? I can barely hear what you're saying. Thank you, Mr. Justin, for having me on your show today. All right, now we can hear you. So yesterday was a very big deal for Nigeria and their most parts of Africa because the Dango Territory Finerways Commission had actually set Nigeria on the face of the world and the map of the world. But let me understand it in real-time, since you are part of the industry, the oil and gas, and specifically the downstream sector. How important is this for Nigeria's downstream sector? For us in Nigeria, it is a good thing that at this time we are having a refinery that is situated on about 6,180 hectares. Yesterday I was telling someone, I said the refinery is even the land size is larger than the entire Victoria land, which is about 800 hectares. The investment is huge, about $20 billion invested. It's a huge one. And it's a good one for us because for a very long time, at least we have a refinery that works. Though a lot of people have said that it's privately owned, but I wanted to remember that even Nigeria have a joint investment in it. The effect had approved some amount of money which also involves the Nigerian involvement in the refinery as a stakeholder. So that therefore means that we now have a refinery which of course has a capacity of refining about 650,000 barrels per day and it has a capacity of producing over 50 million liters of gasoline a day. That would serve a lot of need. And the issue of importation and importing refines could, to a larger extent, we believe by the time the refinery kick off fully, we would have just in time products on our doorstep and the delay of having to import products from outside the shores of Nigeria would be just the same. So we cannot have our crude. It's not really about whether it's privately owned or government-owned. What we are, what we, particularly me and those in the industrial consignments, that at least we have a refinery that works for our economy, we have jobs being provided. A refinery that has been estimated to provide over 125,000 jobs directly or indirectly. And the economic viability is there and again, this refinery, I must tell you, put Nigeria back into the map of oil-producing nation in the world. Remember, Nigeria has always stopped Africa as the largest oil reserve country behind Libya. So it's a good role for us in Nigeria. It's a clear and direct investment for the oil and gas industry that have witnessed a lot of setbacks over the years. All right. I still want to understand some of the gains. No, I know you have said it's a good one for the nation's industry, petrochemicals and all of that. But some are saying that with the oncoming of this refinery, that the price of petrol will actually reduce. How true is this in the wake of the federal government's plan to remove subsidy on the PMS? With this refinery, our prices of petroleum products going to be reduced drastically in the country, hopefully. Okay, let's look at statistics now. This refinery will be able to produce about 50 million liters of gasoline and 50 million liters of diesel in a day. But the Nigerian needs for liters per day for pet PMS is about 66.8 million liters. So even if, for example, the refiner is going to be working optimally, it cannot yet for now generate what Nigeria has consumed. Nigeria consumes, that is one number two. We must know that the cost of freight, let's look at freight of importing PMS from whatsoever refinery, whether it's from Germany or Belgium, costs approximately about $26 per liter. And NMPC at the time said they spent about $800. The price will shut off from $861 billion to about trillion just to have petroleum imported into not, I'm not talking about subsidy, I'm talking about price on freight alone. $861 billion was spent in July. So what we are going to be seeing is that at least the price is going to drop considering that the cost of logistics of bringing in finished products and carrying out crude would have reduced. Logistics plays a role in the cost of PMS, DPK and AGO. So that by itself will reduce the price. But again, you know that there was speculation that also said that once subsidies removed, because we are also trying to see what the next administration will do regarding subsidies. Once subsidies removed, Nigeria will be paying close to about $462 per liter. So in all, whether subsidies removed or not removed, the price of per liter would reduce. And remember, Dango the Refinery is privately run. So it's run for business. So it all depends on the policy of the government. But looking at it is a good one for our country. The price of producing a liter of PMS, AGO and DPK from the Dango the Refinery is cheaper than importing finished products from any part of the world. So whatever government will be doing with subsidies, of course, will be dependent on the next administration, which we believe they will look critically into. All right. Thank you for addressing the issue of logistics calls for important fuel. So let's just move on and talk about the impact. What impact will it have? How does it impact on the pressure or drive for foreign exchange in the country? Will it actually reduce? Of course. It will. It will have a lot of impact. You saw the integration yesterday. A lot of West African countries, leaders, presidents were around. And the purpose of that is because for them, it's also a good one for West African countries who will be having products go to Lume, products go to Acra, go to Ghana, and other sub-Saharan African down to Europe. So it's going to drive a lot of foreign investment to Nigeria. You can look at the amount of foreign. Yeah, it's going to become the largest source of foreign, what's it got investment to our country, considering the huge volume of production. We're talking about 50 million liters of PMS per day. That is huge. So it's massive. It's going to become the largest single source of foreign, what's it got exchange to our country, which is very good. Other areas is we are looking at the area of human capacity development. You now have, you know, our three refineries, the LME, Petrochemical, the Worry refinery, the Cadnery refinery. None of them for a very long time had worked optimally. And that's the largest thing that affected the oil and gas industry. Again, we've had companies like Shell, Chevron, who had been in Nigeria for many years, but have not been able to, on their own, invested in the refinery. What they've been doing for many years is exploring oil from our reserve and taking it out to refine. But for the first time we're having a privately owned single, we call it the single-train refinery, which means that it's one integrated distilling system that can do all in one distilling system. So there is going to be huge impact in terms of foreign investment into our country, in terms of addition to our GDP, in terms of employment creation, in terms of human capital development training on and, you know, we visited countries like Louisiana, a state like Louisiana, where refinery in Louisiana alone absorbs almost all the students in the oil and gas department in Louisiana. I'm from the oil and gas background, and I know what this will do. It will train Nigerians to become oil and gas leaders, not just Nigerians in Africa, exporting even human capacity, human beings who are trained in this aspect to become Ustaba, to become Derrick Mann, to become, you know, a fundamentalist part. As we wrap up now, as we wrap up now, I just want to get one more question so we can wrap up now. You've talked about the lots of impact that you will have directly on Nigerians and, of course, the outlook globally. I still want to talk very quickly, I just want you to answer this very quickly. The impact on the value chain and, of course, about byproduct if we are going to see some changes. Because before now, I had a really take out our crew that would just bring back the refined product. But some of the other byproduct are actually lost in the process. What changes would we see this time around? Of course, you know, we call it byproduct, but it's no more byproduct because it's not waste. We talk about the quota, we talk about even the gases that are being trapped from the reservoirs. This particular if I have the capacity to also at least extract gases that are emanating from crude itself. This particular if I have the ability to ensure that we have available on ground all the byproducts of the crude oil. So we would be seeing a situation in coming years where even the construction companies, even the petrochemical companies and the rest would really have a lot of raw materials to work with because of what the refinery would be producing. And again, about byproducts and change, you talk about the value chain. We talk about the indirect capacity, the indirect opportunities that the refinery would get. I just made mention that the refinery by itself is situated in the 6,000 or 88,000 of land. That is huge. It is a state on its own. You can imagine what we happen, not just to that immediate environment, what we happen to even neighbouring communities, neighbouring states by the virtue of, we talk about people, Nigeria will now have access to what we happen to get those, what we happen to farm tanks who would have waited many months to get produce. There is only God just in time. How to be delivered as quick as possible. And I want to believe in good management. We've seen what Bangladesh have been doing in the industries. And I believe that this particular refinery is very top-notch management. Nigerians, we can just say bye-bye to a shortage of PMS or what is it called? Incident supply of food to Nigerian people. And that is again, it is very good for power. Because the power industry also would have enough supply of food. Because remember, even from what they have the 45 megawatt, for the 450 megawatt of power installed there. Imagine what that would do. Not just to the power that is produced. It's not only for that facility. Thank you, Professor Chris. There's a whole lot to talk about, you know, the expectations, of course the impact. It is actually very massive. But we have to go for the sake of time. I must say a very big thank you to you. I have been speaking with Christopher, Professor Christopher Imomolin. He holds many feathers to his cap. Educationist, the university professor, sole entrepreneur, business mogul, and of course Nigerian politician. Many thanks for being a part of Business Insights today. Thank you so much for having me. All right, and that's the size of the show for today. Business Insights will return again tomorrow. My name is Justin Akadonia. Many thanks for watching. Bye for now.