Dangote Meets Tinubu, Assures Of Fuel Availability, Says ‘Queues Is History’
… speaks on challenges facing the industry concerning securing of crude.
… neighbouring countries stand to benefit.
President of Dangote Group, Aliko Dangote, has declared that Nigeria has finally overcome decades-long fuel scarcity, insisting that the era of nationwide queues “is history” as the Dangote Refinery can now fully supply the country’s petrol needs.
He spoke to State House correspondents on Friday after a meeting with President Bola Tinubu at the Presidential Villa, Abuja.
Dangote said Nigeria had experienced fuel queues since 1972 but noted: “We have actually removed those queues. It’s not about actually relying on imports. For the first time, we’re actually suppliers to Europe and US.”
He revealed that the refinery has formally notified the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of its capacity to keep the domestic market fully supplied.
“Today, we have written to NMDPRA boss and we have confirmed to him that we can supply 50 million every day. And you know, there won’t be queues at all… the question of getting queues is history. It will never, ever happen by the grace of God, no more.”
Dangote added that neighbouring African countries would also benefit from the refinery’s output.
“Even our neighbouring countries, they won’t have queues at all, because they can buy from us… By February, we’ll be able to supply about 15 to 20 million litres more than the consumption of Nigeria. So we still have to export.”
He said local industries, including plastic manufacturers that previously spent “$350 to $400 million to import,” would now be fully serviced domestically.
Dangote announced an expansion that will take the refinery beyond the current global leader, Reliance of India.
“By 2028, we are going to take this refinery to the largest refinery in the world… Reliance is 1.25 million barrels per day, we will be at 1.4 million barrels per day. We have already launched that… and it will be delivered on time.”
On fertilizer production, Dangote said: “We want to use our own fertilizer company here in Nigeria to supply the entire African continent… We’re going to have urea production of about 12 million tons… bigger than Russia and bigger than Qatar.”
Responding to questions on recent price reductions, he said: “Prices are going down. The reason why prices have to go down, we have to also compete with imports.”
But he warned that smuggling remains a persistent challenge.
“Smuggling has reduced, not totally… because the price we have in Nigeria is about 55% of the price of our neighbouring countries… They are selling at almost 1500, 1600, but we’re selling at about 800 and something.”
Despite these distortions, the African richest man assured that fuel will remain affordable: “Petroleum products will continue to be sold in the market at a very reasonable price. We are not here to make our $20 billion back quickly. It’s a long-term investment.”
Dangote strongly defended the Nigeria First policy, saying: “Importing anything is importing poverty and exporting jobs out.”
He praised President Tinubu for introducing the naira-for-crude arrangement, describing it as a patriotic partnership.
“It is me being a Nigerian. It is a win-win thing. I must thank His Excellency, Mr President, for having that genius thinking.”
However, he acknowledged challenges in securing crude locally.
